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profishingrods.com October 17, 2018


James Murdoch tipped to lead Tesla board

13 October 2018, 07:28 | Joann Bryant

Kathy Hutchins Shutterstock

Kathy Hutchins  Shutterstock

James Murdoch, who is in the final stages of detaching from 21st Century Fox before most of it is formally acquired by Disney, has emerged as the favorite to replace Elon Musk as chairman of Tesla, the Financial Times has reported.

The tech billionaire tweeted out a gag photo of himself, saying he was "passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks", holding a cardboard sign with the word "Bankwupt" scrawled across it.

Elon Musk's tweets may have mocked the Securities and Exchange Commission, but his court filings are serious about settling the fraud charges that the SEC had lodged against him.

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

Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Musk will remain as CEO.

"The proposed settlements in this case are fair", lawyers for the SEC, Tesla and Musk said in the filing.




Murdoch now serves on the boards of Twenty-First Century Fox and News Corp. One of the FT's sources said external candidates were still being considered.

On Tuesday, Murdoch resigned from the board of Sky plc, the owner of Sky News, as part of Comcast's takeover of the company, beating 21st Century Fox in an intense bidding war.

Investor concerns that Tesla's board was too closely tied to Musk led to the company's addition of two independent directors, including Murdoch, in July 2017.

Tesla shares fell 1.1 percent to $254.15 in midday trading. Murdoch is said to be interested in taking the job, according to the report.

The carmaker is considering raising some of the $5 billion it intends to invest in the plant near Shanghai from local partners. Musk initially refused to settle, leading the SEC to double its fine from $10 to $20 million and increase the length of time Musk is barred from serving as Chairman from two to three years. The terms of that agreement included Tesla appointing a new independent chairman by the middle of November.



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