Published: Sat, October 13, 2018
Money | By Armando Alvarado

Musk says Murdoch Tesla tilt incorrect

Musk says Murdoch Tesla tilt incorrect

The younger Murdoch and Elon are reportedly friends, with the former having joined Tesla's board previous year as one of a pair of new independent directors.

Speaking during the event about his time as a member of Tesla's board, Murdoch said: "It's been a really fascinating experience".

Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality.

Elon Musk's tweets may have mocked the Securities and Exchange Commission, but his court filings are serious about settling the fraud charges that the SEC had lodged against him.

Murdoch will not join his father, Rupert Murdoch, and his brother Lachlan at "New Fox" - the entity remaining after 21CF's sale of assets to Disney is completed.

On Tuesday, Murdoch resigned from the board of Sky plc, the owner of Sky News, as part of Comcast's takeover of the company, beating 21st Century Fox in an intense bidding war.

"I would still have reservations about the time he would be able to allot to this", Keatinge said.

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"I would still have reservations about the time he would be able to allot to this", Keatinge said, referring to the possibility of Murdoch as Tesla chairman. However, the FT also cited an anonymous source as saying that "external options were still being considered".

James Murdoch is now chief executive of 21st Century Fox, but will leave the role when the entertainment giant completes the sale of the majority of its assets to Disney, and will be succeeded by his brother Lachlan. He posted jokingly that he had been "found passed out against a Tesla Model 3, surrounded by "Teslaquila' bottles".

Chester Spatt, finance professor at Carnegie Mellon University and former SEC economist, said the shareholder vote requirement shows the SEC is protecting investors. "The company needs some added stability at the top to win back investor confidence".

Under terms of the settlement, Musk is not permitted to be re-elected to the chairman post for three years.

Tesla shares plunged the following trading day and closed down 5.1 percent on April 2.

Tesla will also establish a new board committee responsible for disclosures.

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