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James Murdoch favorite to replace Elon Musk as Tesla chairman

15 October 2018

Financial Times gave fresh fodder to these speculations on Wednesday, when it published an article stating that Twenty-First Century Fox CEO and Tesla board member James Murdoch was leading the race, towards the chairmanship. SEC settlements haven't met much resistance from courts since a judge's decision to reject a settlement between the SEC and Citigroup Inc.

Tesla drafted new confidentiality agreements after the contents of internal emails from CEO Elon Musk to employees were included in 2016 articles by Bloomberg and CNN, Bloomberg reports.

The son of Fox mogul Rupert Murdoch, he joined Tesla's board last year after years of work with media companies.

By the middle of November, Musk will have to announce a new independent chairman to follow his footsteps.

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The SEC sued Musk on September 27, alleging that a series of "false and misleading" tweets he made in August about potentially taking Tesla private constituted securities fraud.

Thanks to Musk's "vision and audacious showmanship", Tesla at times has managed to gain valuation that surpassed those of traditional auto makers with vast revenues, garnering Tesla an army of fans, despite being embroiled in constant production issues. Musk, however, will remain the CEO of the company. Since October began, Tesla has also been showing signs that its Model 3 production ramp continues to grow stronger.

The media man could be replacing Elon Musk.

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. He tweeted the three-word denial of the Financial Times story, on Wednesday at 4:20 pm PT (2320 GMT), about six hours after the newspaper's post.

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Richard Branson's got some advice for Elon Musk - billionaire to billionaire. Musk's August 7 tweets caused the company's stock price to spike over 6 percent. He's also paying a $20 million fine. So far, he had lead the company and the board by himself. He also stepped down as chairman at Sky earlier this week after that business was sold to NBC Universal owner Comcast.

In other Tesla news, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction on Monday, October 1st. However, the BBC has reported Murdoch "as the favourite" to take the helm at Tesla. Filing to trademark a name would be a pretty intense strategy for furthering a prank, so it seems possible that this might be a real endeavor for Musk.

Mr Murdoch is now chief executive of the U.S. media giant 21st Century Fox, but he will step down after the firm completes the sale of much of its business to Walt Disney.

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James Murdoch favorite to replace Elon Musk as Tesla chairman