Tesla’s chair Robyn Denholm has rejected a Wall Street Journal report that the company’s board has begun a search process for a new CEO to replace Elon Musk.

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.

Musk convinced his board to hand him a monster pay package—but that was before Tesla lost more than $500 billion in market value.