James Murdoch favoured as new Tesla chairman to replace Elon Musk

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James Murdoch, the son of the media mogul Rupert Murdoch is now being considered to replace Elon Musk as the Tesla chairman, and, according to the Financial Times, now has the best chances of actually getting the job. Musk has approximately 45 days to step down as chairman of Tesla's board under the rules of the SEC settlement and must not take the position back for at least three years.

Mr Musk agreed to give up the chairmanship last month to resolve claims of fraud brought by U.S. financial regulators.

Tesla shareholder T. Rowe Price Group Inc raised its stake in the electric vehicle maker by almost half in the July-September quarter, according to a regulatory filing on Wednesday, an apparent vote of confidence for CEO Elon Musk.

The younger son of media mogul Rupert, Murdoch also serves as a director on Tesla's board, where he has done so since 2017.

However, Mr Musk said on Twitter that the FT report was "incorrect" without providing any further detail.

Musk explained in an email that being public, "s$3 ubjects Tesla to constant defamatory attacks by the short-selling community, resulting in great harm to our valuable brand".

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The two billionaires are locked in a space race alongside Amazon CEO Jeff Bezos, but that didn't stop Branson, the founder of Virgin Group, from sharing some friendly words of encouragement for Musk. Baillie Gifford & Co. lifted its stake in Tesla by 3.1% during the second quarter. Hedge funds and other institutional investors own 62.03% of the company's stock. Mr. Musk was stating this in response to a post as to why he was being impersonated by Twitter bots, to promote cryptocurrency.

In a vote of confidence for Musk, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake by almost half to 10.2 per cent at the end of September from just under 7 per cent in June. The SEC intends to distribute the penalties to affected investors, it said. Piper Jaffray Companies set a $369.00 price objective on Tesla and gave the stock a buy rating in a report on Thursday, June 7th. He has no experience in manufacturing and has never led a company that makes cars or electric vehicles.

Is Elon Musk Really Leaving Tesla? The company has a current ratio of 0.73, a quick ratio of 0.37 and a debt-to-equity ratio of 2.01.

The agency further noted that sanctions against Elon Musk and Tesla are created to benefit investors by putting additional governance measures in the electric vehicle and energy company.

Musk is thought to favor Antonio Gracias, who is an independent director at Tesla and a key investor. He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster.