Tesla’s (NASDAQ:TSLA) Elon Musk Denies Being Replaced By James Murdoch Chairman
- Elon Musk is scared to death of James Murdoch,
Tesla’s (NASDAQ:TSLA) deposed Chairman Elon Musk denied a report that James Murdoch is the “favorite” candidate to replace him as Chairman of Tesla.
CEO Musk Tweeted a reply to a FT article that just said, “This is incorrect.”
Early in the day Wednesday, the FT, reported that Mr. Murdoch could take over the Chairman role after he steps down as CEO of 21st Century Fox (NASDAQ: FOX, FOXA) once the company completes its entertainment-assets sale to Walt Disney Co (NYSE:DIS).
The FT said Mr. Musk favors current board member Antonio Gracias, but said he may not be seen as independent enough. The report added that other external candidates are also being considered.
What the FT is not saying is that Mr. Musk is scared to death of James Murdoch, and with him in the position as COB, and the price he would extract from the mortally wounded niche EV maker, would put him in control of the company. And we all know that the Aussie’s take no prisoners.
As part of a settlement with the Securities and Exchange Commission (SEC) over charges he misled investors about the ‘420’ bid to go private, Mr. Musk must give up his chairmanship for 3 years. He must also pay a fine of $20-M, in addition to a $20-M find Tesla must pay.
Further, Tesla must also add at least 2 more independent board members, and establish guidelines and oversight for how Mr. Musk acts on social media and in public, moral turpitude will be a Key issue.
Since the settlement was announced in late September, Mr. Musk has trolled the SEC in Tweets, accusing them of helping short-sellers, admitted taking Rx drugs and smoked marijuana in public.
Tesla is not an investment stock, it is a speculation that should be played by professionals only. Caution, there is no market support for Tesla shares in here.
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