Published: Sat, October 13, 2018
Markets | By Noel Gibbs

Elon Musk says James Murdoch will not replace him as Tesla chair

Elon Musk says James Murdoch will not replace him as Tesla chair

The billionaire seems to be back to his usual antics after a $20 million settlement with the Securities and Exchange Commission.

The Financial Times cited two people briefed on discussions saying Murdoch was the lead candidate for the job.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric auto company, wrote.

Of course, a trademark application doesn't mean Tesla will actually make and market Teslaquila - it could just be a move to prevent anybody else from doing it. Tesla's team did not immediately return a request for comment, presumably because they're busy dealing with things that actually matter in the grand scheme.

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Earlier this year, leading USA proxy advisers Glass Lewis & Co and Institutional Shareholder Services, and union-affiliated investment adviser CtW Investment Group, had recommended investors cast votes "against" James Murdoch as a Tesla director at the company's annual meeting held on June 5.

Murdoch now serves on the boards of Twenty-First Century Fox and News Corp.

He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster.

Murdoch, already an independent director of Tesla, has signalled he wants the job, the report said.

Tesla made an SEC filing in 2013 that said Musk's tweets qualified as company disclosures.

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At that point, Facebook had started investigating the issue, so it wasn't exactly sure which users had actually been impacted. The social media company said the FBI is investigating, but asked the company not to discuss who may be behind the attack.


The report also says external options are also being considered. His brother Lachlan Murdoch will become CEO of "New Fox".

Tesla faces a crucial moment as it struggles to produce its Model 3 sedan in large volume and deliver it quickly to customers amid an ongoing cash crunch that has concerned some analysts. The parties settled shortly after. The numbers 420 are significant in marijuana culture - as well as in the tweet that cost Musk his chairman post to begin with.

Terms of the settlement also require "implementation of mandatory procedures to oversee and preapprove Mr. Musk's Tesla-related written communications that reasonably could contain information material to the company or its shareholders", and goes on to demand an "experienced securities lawyer" who will enforce and approve Musk's communications - including tweets.

Tesla shares plunged the following trading day and closed down 5.1 per cent on April 2.

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Officials said the DGCA was probing the matter and the damage to the aircraft's belly, including the wheels, is being assessed. Flight IX 611, comprising 129 passengers and seven crew members, was diverted to and landed in Mumbai.


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