Musk denies James Murdoch taking over as Tesla's Chairman

14 October, 2018, 03:34 | Author: Mary Valdez
  • Tesla constantly tweaks its Autopilot system in updates prompting complaints from some owners over unwanted changes

Tesla chief executive officer Elon Musk denied a report in the Financial Times that James Murdoch was poised to replace him as chairperson, prolonging the uncertainty over leadership at the electric-car maker after a deal with the United States securities regulator.

Tesla's board has not made a final decision on who should...

Tesla Chief Executive Officer Elon Musk tweeted Friday that the brand would be coming soon.

Mr Murdoch, chief executive of 21st Century Fox, who joined Tesla as an independent director past year, has indicated that he would like the job, the Financial Times said.

Media reports have also thrown names like former Vice President Al Gore and Jim McNerney of Boeing as potential candidates to lead Tesla. The deal allows him to stay on as CEO and requires Tesla to also pay a $20 million fine. Gracias's Valor Equity Partners was an early investor in both Tesla and Musk's SpaceX, and it's not clear that he would satisfy the SEC's requirement for a genuinely independent chairman.

Elon Musk has been the Chairman of Tesla's Board of Directors, ever since the automaker was founded way back in the year 2003.

Mr Murdoch, the younger son of Rupert Murdoch, has served on Tesla's board since 2017. His brother Lachlan Murdoch will become CEO of "New Fox". He also stepped down as chairman of Sky after its takeover by Comcast.

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The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding.

The report breaking the news cited two unnamed sources familiar with the ongoings.

Tesla's stock has been whipsawed in recent months after Musk displayed behavior that many considered audacious in a different sense.

While James Murdoch is the current CEO of 21 Century Fox, he will step down from the position after most of its assets are sold to Disney. In the signature for publication, Musk said that he was found unconscious and surrounded by empty bottles Teslaquila.

Silicon Valley-based Musk created the electric carmaker and aerospace company SpaceX, which has been launching space rockets in an attempt to win commercial space transportation business in future - and realising Musk's talk of colonising Mars.

Following the SEC's ruling it was said that two independent replacements would be appointed in the chair roles.

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