New Delhi, May 1 -- Tesla stock price declined more than 3% on Wednesday after a report that the company's board had initiated a search for a potential successor to CEO Elon Musk. Tesla share price ended 3.38% lower at $282.16. In the extended hours, Tesla shares gained 0.13%

According to a Wall Street Journal report citing people familiar with the matter, Tesla board members contacted several executive search firms about a month ago to explore CEO succession options. The discussions were reportedly prompted by concerns over Musk's increasing involvement with the Trump administration.

The current status of the board's succession planning remains unclear, the report said.

The report noted that Tesla board members met with Musk and urged...