On Wednesday night, Tesla announced Robyn Denholm has taken Elon Musk's place as chair of the company's board.

She will also be leaving her role as CFO and Head of Strategy at Telstra, Australia's largest telecommunications company, after a six-month notice period there, to focus on her work as Tesla chair full-time, the company said in a statement.

Musk was mandated to leave his role as chairman of the board at Tesla as part of a settlement with the SEC following his now infamous take-private tweets in August. Musk said, in that series of tweets, that he was considering taking Tesla private at $420 a share, and even had some funding secured. The tweets sent shares soaring to an intraday high of $387.46 a share on Aug. 7.

Tesla's stock, which closed at $348.16 a share Wednesday, had tumbled by more 25 percent, but began to rise especially after the electric vehicle maker reported its largest quarterly profit in the company's history.

In the third quarter of 2018 Tesla reported about $6.8 billion in revenue and $312 million in profit for the period. It generated nearly $190 million in revenue from sales of regulatory credits.