James Murdoch tipped to lead Tesla board

James Murdoch 'favourite for Tesla post' | Business

Is there any truth in it at all that James Murdoch will be replacing Elon Musk as the Chairman of Tesla? 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. The billionaire, who also owns aerospace firm SpaceX, has been in the news recently as much for his erratic behavior as for his business ventures.

On Wednesday, The Financial Times reported that the 21st Century Fox CEO and son of Rupert Murdoch would take the role being vacated by the electric vehicle entrepreneur following a settlement with the Securities and Exchange Commission (SEC). Musk has denied the report on Twitter, saying "This is incorrect". The numbers 420 are significant in marijuana culture - as well as in the tweet that cost Musk his chairman post to begin with. Of course, that does not mean that Murdoch is out of the race altogether, merely that he is not a Musk favorite.

Musk got to keep his job as CEO and stay on the board, but has to relinquish the post of chairperson and can't be re-elected to the role for three years.

Reporting from the Financial Times, citing two people briefed on the discussions, places Murdoch ahead of Antonio Gracias, a long-time investor in the company and current lead independent director.

A bibliophile and a business enthusiast. Ironically, Murdoch joined as part of a bid to bring fresh perspective to a board that's always been perceived as too beholden to (and too slow to rein in) the impulses of the company's controversial CEO.

You can read e very puzzling thing that has happened since Elon Musk tweeted that he had "funding secured" to take Tesla private here.

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"The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk's tweets, a charge that Tesla has agreed to settle", said the SEC in a statement following its ruling.

According to the FT report, external options were still being considered. Murdoch is said to be interested in taking the job, according to the report.

Glass Lewis research director Courteney Keatinge said on Wednesday that while Murdoch's departure from Sky could alleviate some concerns, the Tesla chairmanship would still require a big time commitment as the company faces pressures on many fronts.

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

What started as an April Fools' Day joke that left a poor taste in Tesla Inc. investors' mouths may soon become a reality.

Shares are down 20 percent since the beginning of the year. "The company needs some added stability at the top to win back investor confidence".