Tesla has opened a formal search to replace CEO Elon Musk, the Wall Street Journal reported. Early last year amid the company’s struggles, Musk considered stepping down as executive, but feared no one else would be able to carry out his vision for the company, according to the outlet. Tesla denied its search for a new CEO.

Elon Musk reportedly considered taking a step back from helming Tesla last year amid a tumultuous period for the company.

The EV maker’s CEO of more than two decades told someone close to him via text that he was frustrated with the amount of work he was putting into the company early last year, the Wall Street Journal reported Monday, citing anonymous sources. Last spring, Musk told the same individual in confidence he did not want to continue being Tesla’s CEO, but he was reluctant to leave his post out of concern there would be no replacement who shared Musk’s vision of Tesla as a robotics and automation company, not just a carmaker, according to WSJ.

In spring 2024, Tesla was contending with its worst sales quarter in four years, as well as concerns that Musk had not articulated a clear path forward for the company. Investors were meanwhile lobbying against a $46 billion pay package for Musk, frustrated he was splitting his time at Tesla with his other companies like Neuralink and X.

The outlet also reported that the Tesla board of directors last month began a formal search to replace Musk as its CEO following continued struggles for the company, as well as Musk’s continued involvement in President Donald Trump’s administration. Tesla denied the move, including to WSJ prior to the report’s publication.

“Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company,” Tesla board chair Robyn Denholm said on social media on Thursday. “The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”

Tesla did not respond to Fortune’s request for comment.

Musk’s juggling act

Tesla’s struggles have only worsened since Musk reportedly considered stepping down last year. Tesla’s share price has tumbled 41% since its December peak, and the EV maker reported a 20% plunge in first-quarter year-over-year automotive revenue last month.

Beyond contending with increased competition from China, as well as concerns that Trump’s tariff plan will obstruct its supply chain, Tesla has also lost investor confidence because of Musk’s involvement in the Department of Government Efficiency (DOGE). Musk has a continued presence in Trump’s administration as a special government employee, a tenure that will end in about a month, which concerned some investors about Musk’s ability to conduct necessary business to lead the company through the tumult. Others were worried about the impact of protests and vandalism of Tesla vehicles as a result of dissent with Musk’s support of Trump.

Earlier this year, Musk alluded to being stretched too thin. He said in a March Fox News interview he was running his businesses “with great difficulty.” Musk has since said he’d take a step back from his role at DOGE, keeping his small office in the West Wing—and likely his title as senior advisor to the president—but saying he’d only take up responsibilities at the advisory once or twice a week.

“Now we’re getting more of a rhythm so the amount of time that’s necessary for me to spend here is much less,” Musk told reporters Wednesday after a cabinet meeting.

When is it time to step down?

This isn’t the first time Musk’s leadership roles at Tesla have been called into question. Musk stepped down as Tesla’s board chair in September 2018 in order to settle a securities-fraud charge with the Securities and Exchange Commission after the body alleged Musk misled investors with his tweet about securing funds to take Tesla private.

In early 2024—the same time Musk was reportedly considering departing from his CEO role—analysts suggested Tesla replace its founding executive as a means of correcting the company’s course.

“There have been a number of investment decisions made in the last two years that have put Tesla off track, and that is the issue for the board,” Jefferies analyst Philippe Houchois told Fortune last February. “At what point do you decide Tesla is bigger than Musk?”