Elon Musk's time as 'cost-cutter-in-chief' for the Trump administration has coincided with a $650 billion slump in the value of Tesla stock.

In recent months, Musk has expressed to a confidant that he no longer wants to be CEO of Tesla, that person told the Journal.

Tesla has denied reports that it has contacted recruitment firms to launch a search for a replacement for Elon Musk as chief executive. The Wall Street Journal reported on Wednesday that the electric car firm's board began looking for a successor to Mr Musk last month.