According to The Kobeissi Letter on Twitter, Tesla stock ($TSLA) has dropped more than 4% in overnight trading following a Wall Street Journal report that the company's board has started searching for a new CEO to succeed Elon Musk (source: The Kobeissi Letter, May 1, 2025). This leadership uncertainty is causing increased volatility and could impact short-term trading strategies, with traders closely watching for further updates from Tesla's board and potential statements from Elon Musk. The swift market reaction highlights heightened sensitivity to executive changes at high-profile tech companies, suggesting increased risk and possible opportunities for momentum trading as news develops.