Tesla has denied reports suggesting it contacted recruitment firms to begin searching for a replacement for Elon Musk as CEO. On Wednesday, the Wall Street Journal claimed that the electric car company’s board had started looking for Musk’s successor last month.

Robyn Denholm, who leads Tesla’s board, said on social media that board members were “highly confident” in Mr. Musk, the company’s chief executive.

November, Tesla Inc. board chair Robyn Denholm has been selling the company’s stock. During that time, shares whipsawed and the company’s sales slowed — and then cratered — around the world.