It hasn't been an easy year for electric vehicle maker Tesla (NASDAQ: TSLA), which has seen its stock fall roughly 30% this year (as of April 30 market close). The company reported disappointing first-quarter results,

Tesla has opened a formal search to replace CEO Elon Musk, the Wall Street Journal reported. Early last year amid the company’s struggles, Musk considered stepping down as executive, but feared no one else would be able to carry out his vision for the company,

With profits and the stock price sinking, board members told Musk he needed to spend more time at the company.