James Murdoch favoured as new Tesla chairman to replace Elon Musk

Ivan Schwartz
October 15, 2018

The media man could be replacing Elon Musk.

A week after the initial tweet, however, Musk backed down, indicating he came up with the idea after a meeting with executives from the Saudi Arabian sovereign investment fund and had no clear plan for privatization. The billionaire had claimed in early August to have secured funding to take Tesla private, sending markets scrambling.

From our limited knowledge of the man however, what would have rankled more than the financial hit, was the SEC's condition that Musk step down as Tesla board's chairman, find a replacement within 45 days, and add two independent members to the said board.

Tesla shares are lower Thursday, following the formal court submission of a joint letter from the electric vehicle maker and the Securities and Exchanges Commission, (SEC), stating the terms of the recent settlement, were in the best interests of the company's investors.

In spite of his Tweet, the word is that Elon Musk will have to step down from his position as the Chairman of Tesla, for a period of 3 years. Goldman Sachs Group reaffirmed a "sell" rating on shares of Tesla in a research report on Sunday, July 8th. The Teslaquila name debuted in an April Fool's tweet that CEO Elon Musk made this year, in which he joked that Tesla was bankrupt and that he was found passed out against a Tesla Model 3 surrounded by bottles of Teslaquila. Atherton also said that it expects Tesla to also outsell Mercedes during Q4 as production accelerates.

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However, on Thursday Musk and the SEC urged a federal judge to approve the terms of the proposed consent judgment that requires Musk to resign as Tesla's chairman and personally pay a $20 million fine to the SEC.

The Financial Times report that initially named Murdoch - citing a pair of anonymous sources - also confirmed that other names were being considered in addition to the British-born executive. He does get to keep his primary job as Tesla CEO and he could seek to be re-elected as chairman after three years if he doesn't again run afoul of the SEC.

The tech entrepreneur described the SEC as the "Shortseller Enrichment Commission" in a tweet and sarcastically praised the agency's work. He had a public meltdown over his workload and almost dragged his company into a Securities and Exchange Commission (SEC) lawsuit. After he called one of the rescuers of the boys trapped in a Thai cave a "pedo", the man filed a lawsuit.

Musk retweeted the story to his 22.9 million Twitter followers, writing "Teslaquila coming soon".

Other reports by GizPress

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