Musk says Murdoch Tesla tilt incorrect

Kathy Hutchins  Shutterstock

Kathy Hutchins Shutterstock

Musk must relinquish his role as chairperson under a settlement with the Securities and Exchange Commission (SEC) over his tweeting, which left open the possibility that the carmaker could appoint an existing independent director.

Reporting has suggested the tweets, which caused "significant" disruption to the market, was based on a 20 per cent premium over where the stock was trading before Musk's announcement - although pop-culture outlets have suggested it was a "weed joke" created to impress Grimes, Elon Musk's girlfriend.

Tesla is on the right path to overtake BMW (bmwyy) in the final quarter of this year as well, analyst Jean Baptiste Su wrote.

Elon Musk has to pay $20 million to settle with the S.E.C.

Coincidentally or not, the response came at 4:20 pm PDT (the time zone of Tesla's Palo Alto, California HQ).

James Murdoch has no manufacturing or automotive sector experience. He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster.

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Mr Murdoch, the younger son of Rupert Murdoch, has served on Tesla's board since 2017.

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. Just six months ago, James was rumored to be starting a venture capital fund.

The settlement requires Tesla to install an independent chairman, among other penalties.

Tesla faces a crucial moment as it struggles to produce its Model 3 sedan in large volume and deliver it quickly to customers amid an ongoing cash crunch that has concerned some analysts. Musk got into hot water with the US regulator following his August 7 tweet claiming that he had "funding secured" for a buyout of the tech company at $420 per share. The billionaire, who also owns aerospace firm SpaceX, has been in the news recently as much for his erratic behavior as for his business ventures.

The New York Times had previously reported that Mr Murdoch's name had been discussed for the post.

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