In recent months, a quiet shift has taken shape across Silicon Valley. Some of the most powerful voices in technology are floating a vision for the future that excludes the very device that has defined the digital era for more than a decade: the smartphone.

But Musk was a creature of Silicon Valley, a scion of the “PayPal mafia” whose leadership and willingness to take big risks propelled him to unparalleled wealth and influence.

Profits plunged 71% at Tesla in the first three months of the year right after a Chinese competitor claimed the mantle as the world's biggest electric car seller.