James Murdoch favoured as new Tesla chairman to replace Elon Musk

Comcast Plainville CT 9/2014

Flickr Mike Mozart Hostile Takeover Comcast Outbids Murdoch Empire for Sky Corp. Shares

Elon Musk denied he'll be replaced by James Murdoch as Tesla's chairman, an alleged shakeup that was the subject of rumors on Wednesday. He is now on the boards of Twenty-First Century Fox and News Corp.

Chief Executive officer of 21st Century Fox James Murdoch, the younger son of media Mogul Rupert Murdoch, can change Elon musk at the head of the Board of Directors of Tesla, according to the Chronicle.info with reference to UNIAN. Murdoch is one name linked with these positions, although Musk has branded the speculation as "incorrect" on Twitter, responding to a report by the Financial Times.

The newspaper is wrong, Musk tweeted in response, without elaborating. Of course, that does not mean that Murdoch is out of the race altogether, merely that he is not a Musk favorite.

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.

On Wednesday, the Financial Times reported that two people briefed on meetings over Musk's replacement said that Murdoch, already an independent director of Tesla, has signalled he wants the job.

SpaceX founder and chief executive Elon Musk speaks after announcing Japanese billionaire Yusaku Maezawa as the first private passenger on a trip around the moon Monday Sept. 17 2018 in Hawthorne Calif
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A bibliophile and a business enthusiast. He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster. The company's quarterly revenue was up 43.5% compared to the same quarter last year. equities research analysts expect that Tesla will post -10.77 EPS for the current year.

From the FT: "Tesla directors, including Mr Murdoch, issued a ringing endorsement of Mr Musk after he first rejected a settlement of the SEC fraud charges, a move that was widely condemned by boardroom experts and wiped 14 per cent off the company's share price".

The settlement requires Tesla to install an independent chairman, among other penalties. "Mr. Musk and Tesla have agreed to undertake a number of corporate governance measures specifically tailored to prevent future violations of the type alleged by the SEC here". According to reports, James Murdoch had indicated that he would be very interested in the job.

The report breaking the news cited two unnamed sources familiar with the ongoings. It remains to be seen if Musk's preferences matter in the settlement, terms of which must be finalized by a federal district court judge.

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