A manager who can handle Elon Musk

A manager who can handle Elon Musk

Elon Musk has denied a report in the Financial Times that James Murdoch is poised to replace him as chairman of Tesla.

James Murdoch, son of billionaire media mogul Rupert Murdoch, is the leading candidate to take over the chairman role at Tesla, the Financial Times reported Wednesday, citing two people familiar with the matter.

It is meant to create more oversight of Mr Musk, who provoked the charges when he claimed on Twitter that he had secured funding and might take the firm private.

Musk, in response to the FT story, tweeted, "This is incorrect".

Silicon Valley-based Musk created the electric carmaker and aerospace company SpaceX, which has been launching space rockets in an attempt to win commercial space transportation business in future - and realising Musk's talk of colonising Mars.

As part of Musk's settlement with the SEC, Tesla is supposed to monitor its CEO's Twitter posts, but only those that have to do with company news. Musk will remain as CEO.

Murdoch now serves on the boards of Twenty-First Century Fox and News Corp.

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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.

According to the FT report, external options were still being considered.

He was one of two new members the firm appointed previous year after criticism that the board - which includes Mr Musk's brother and a close business partner - needed to show more independence.

"The proposed settlements in this case are fair, reasonable, and will serve the interests of the public and investors." lawyers said in the filing.

"Elon Musk is building a great company but has been erratic to say the least when it comes to thinking about his investors", said Chaim Siegel, an analyst at Elazar Advisors.

Shares of Tesla closed Thursday down 1.8 percent at $252.23 as the Dow Jones Industrial average dropped over 500 points. According to the filing, Musk can only reapply for the position after three years, providing that his reappointment is approved by the majority of shareholders. Tesla is also required to appoint two new independent directors to its board.

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