Murdoch wants to replace Musk as chairman of Tesla

Marcus Newton
October 14, 2018

Reacting to a Financial Times report that claimed James Murdoch was going to join Tesla as Chairman, Musk tweeted on Thursday that this was not true.

Tesla's board has not made a final decision on who should... Whoever it is, will find himself (or herself) in a position where they may just be called upon to act as a counterweight to Musk's excesses.

Tesla has filed an official trademark application for Elon Musk's "Teslaquila." . Of course, that does not mean that Murdoch is out of the race altogether, merely that he is not a Musk favorite.

In related news, Director Kimbal Musk sold 1,875 shares of the business's stock in a transaction on Monday, October 1st.

The settlement also requires Musk to resign as Tesla's chairman for at least three years and for the company to appoint two independent board members.

A bibliophile and a business enthusiast. James Murdoch is a board member of Tesla and he also happens to now be the top choice to become the next Chairman of Tesla.

Mr Murdoch, the younger son of Rupert Murdoch, has served on Tesla's board since 2017.

More news: Princess Eugenie's Wedding Prep Included a Massive Hair Change
More news: Harvey Weinstein: Part of sexual assault case against Hollywood producer dropped
More news: Key statistics from the United Nations climate report

Murdoch could not immediately be reached for comment. As per the SEC settlement, Elon Musk would have 45 days in which to leave his post as the Chairman of Tesla. Musk and Tesla were also each fined $20m.

A T. Rowe Price spokesman refused to discuss the company's investment in Tesla. According to reports, James Murdoch had indicated that he would be very interested in the job.

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

The FT report cited two anonymous sources, but added that other names remain under consideration.

Murdoch is set to be succeeded by his brother Lachlan Murdoch as Twenty First Century Fox chief executive officer, after the media group completes the sale of bulk of its assets to Walt Disney (DIS.N).

Tesla is under scrutiny for failing to produce its Model 3 sedan quickly enough and in sufficient volume to meet customer demand.

Musk's mockup appears to be similar to one he posted on Instagram in April, which many took to be an April fools joke. That's largely because a judge in Manhattan in 2011 rejected a settlement between the SEC and Citigroup Inc., only to see his ruling reversed by an appeals court that gave judges in future cases very little wiggle room when weighing such deals.

Other reports by MaliBehiribAe

Discuss This Article