James Murdoch tipped for Tesla chair role

James Murdoch 'favourite for Tesla post' | Business

A report on Wednesday by The Financial Times said Murdoch, now the chief executive officer of 21st Century Fox and a Tesla board member since 2017, was the leading candidate to take over the chairmanship by mid-November, citing two people familiar with the matter.

US District Judge Alison Nathan ordered the brief to show the settlement was "fair and reasonable", which is a common practice in the court.

It is emphasized that Musk now holds Executive and representative functions, and it will continue to remain the Chairman of the Board, i.e. the Executive head of Tesla.

The FT cited two unidentified sources familiar with the discussions involving Tesla and Murdoch, who is already a non-executive board member of the company.

Post his spat with the Securities and Exchange Commission, Elon Musk ended up paying tens of millions of dollars in fine.

According to the publication, Tesla legal vice president Jonathan Chang testified on Wednesday in a National Labour Relations Board (NLRB) hearing that the automaker's general counsel told him to write new confidentiality agreement for employees in order to "have them renew their vows". Since October began, Tesla has also been showing signs that its Model 3 production ramp continues to grow stronger. Hedge funds and other institutional investors own 62.03% of the company's stock. But in his tweet, Musk simply said, "That is incorrect".

T. Rowe Price Associates held 17.4 million shares of Tesla at the end of last month, as per a filing with the SEC. However, the BBC has reported Murdoch "as the favourite" to take the helm at Tesla. As part of the settlement, Tesla must appoint two more independent directors to its board and implement procedures to oversee Musk's online communications - including his Twitter account. Prior to that, he had no experience working at vehicle maker companies in particular, or manufacturing in general.

Elon Musk: visionary leader, or liability for Tesla's legacy?

Murdoch is set to be succeeded by his brother Lachlan Murdoch as Twenty First Century Fox chief executive officer, after the media group completes the sale of bulk of its assets to Walt Disney.

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

But Musk quickly dashed such hopes, late last week taking aim at the SEC, dubbing it the "Shortseller Enrichment Commission".

His stepping down from the chairman position is also rumoured to be associated with concerns for his health due the high stress nature of his job.

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