Economy

Tesla: James Murdoch firming as chairman candidate

Tesla: James Murdoch firming as chairman candidate

Separately, Musk denied a report in the Financial Times that James Murdoch is poised to replace him as chairman, prolonging the uncertainty over Tesla's leadership after the SEC deal. In a statement last Thursday, Judge Nathan asked Musk and the SEC for a joint letter explaining their settlement, noting that the court needs to make a "minimal determination of whether the agreement is appropriate" before things are finalized. "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".

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

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.

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

The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding.

In 2003 Elon Musk created Tesla, headquartered in California.

More news: For Kavanaugh, a collegial start to U.S. Supreme Court career

Earlier this year Mr Musk's Boring Company sold more than 20,000 "flamethrowers" for $500 each, raising more than $10m for the billionaire. Baillie Gifford & Co. lifted its stake in Tesla by 3.1% during the second quarter. Musk described the diver as a pedophile in a tweet that has since been deleted.

With Tesla's Q3 earnings report coming in less than four weeks, T. Rowe Price's increased stake in the electric vehicle maker could prove to be a strategic investment for the financial firm. Musk has vowed that the loss-making company will be profitable and cash flow-positive in its third and fourth quarters. He's also paying a $20 million fine. And two new, independent directors must also be added to that council, which is now populated by business associates and a brother of Musk.

Setting up manufacturing in China would see Tesla avoid import duties as high as 40 per cent and it would also mean cheaper electric cars for the Chinese market - the world's biggest market for electric vehicles.

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

Murdoch's availability to take on the Tesla chairman job has improved as the youngest son of media mogul Rupert Murdoch is leaving his current role with Fox owing to the sale of much of the company to Disney and a reorganization of its remaining units.

At a recent Goldman Sachs conference, Murdoch called his experience at Tesla "fascinating" and praised Musk for setting "some really audacious goals" for the maker of electric vehicles.


  • After Rocket Failure, Astronauts To Go Back Into Space: Russian Official

    After Rocket Failure, Astronauts To Go Back Into Space: Russian Official

    Luckily, the two astronauts on board - Alexey Ovchinin and Nick Hague - made it back to Earth safely, narrowly avoiding tragedy. Search and rescue teams from Russian Federation arrived as soon as the spacecraft touched ground to assist the astronauts.
    PlayStation Network online ID change feature coming in early 2019

    PlayStation Network online ID change feature coming in early 2019

    You can also display your old ID alongside your new one in order to make sure that your friends know who you still are. A beta for the long-awaited feature will begin at the end of November, with a full roll-out expected in early 2019.
    Brazil’s far-right candidate falls short of election stunner

    Brazil’s far-right candidate falls short of election stunner

    He has also indicated that he will surround himself with former military officers, like his running mate who is a retired general. Haddad, addressing his own supporters, called the looming run-off "a golden opportunity ", and challenged Bolsonaro to a debate.
  • PS4 Users Are Claiming That Malicious Messages Are Breaking Their Consoles

    PS4 Users Are Claiming That Malicious Messages Are Breaking Their Consoles

    The bug, in some instances, has been used during matches to cause the opposing team to crash and be unable to complete a match. Some PS4 owners are experiencing a frightening glitch that's forcing them to factory reset their consoles.
    Israel halts fuel deliveries into Gaza amid deadly clashes with Palestinian protesters

    Israel halts fuel deliveries into Gaza amid deadly clashes with Palestinian protesters

    Tamer Abu Ermanah, 27, was shot and killed by Israeli soldiers east of the town of Rafah, in the southern Gaza Strip, he said. Israel said its troops had shot and killed a group who broke through the fence with a bomb and attacked an army post.

    I don't need the armband to be a leader, says Pogba

    At the end of the day, the Red Devils boss informed Pogba that would never have the privilege to captain Manchester United again.
  • After 1st postseason cycle, Holt returns to Boston’s bench

    After 1st postseason cycle, Holt returns to Boston’s bench

    The expiration date: It's a little hard to make it out all these years later, but there's a good chance it says October 8, 2018. Red Sox: 1B Mitch Moreland sat out after leaving Game 2 when he hurt his right hamstring running the bases.
    Facebook October 2018 security breach: Everything you need to know

    Facebook October 2018 security breach: Everything you need to know

    You can check the complete details of data stolen during this massive security breach by heading over to this link. The hackers accessed names, email addresses or phone numbers from the 29 million accounts , according to Facebook.
    Usain Bolt Scores Two Goals In First Pro Soccer Start

    Usain Bolt Scores Two Goals In First Pro Soccer Start

    Bolt added his second of the evening by taking advantage of some outrageous defending before rolling the ball into an empty net. Bolt saw his first action for the Mariners on August 31, playing 20 minutes against a Central Coast selection side.
  • Turkey manager hits out at

    Turkey manager hits out at "ego driven" Jurgen Klopp

    They're playing an attractive brand of football and Eden Hazard has been the standout player in the Premier League thus far. On a personal level, I'm really enjoying my time with Chelsea. "If anything happened to Hazard they'd be in trouble".
    Melania Trump says she ignores rumours of Trump's infidelity

    Melania Trump says she ignores rumours of Trump's infidelity

    Previously, Trump has avoided publicly addressing the allegations of the President's infidelities during their 13-year marriage. Ex-Playboy Playmate Karen McDougal also claims to have had a longer affair with Trump around the same time.
    After Michael's rampage on Florida Panhandle: 'Nothing Left'

    After Michael's rampage on Florida Panhandle: 'Nothing Left'

    The storm caused almost 500,000 power outages in North Carolina, the state's Emergency Management Agency said on Friday morning. A man who died when a tree fell on a home near Greensboro, Florida, has been identified as Steven Sweet, according to Lt.