James Murdoch could take chairman role at Tesla

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It looks like James Murdoch, the chief executive of 21st Century Fox and the son of media tycoon Rupert Murdoch, is the favored candidate to replace Elon Musk as chairman of Tesla.

The newspaper is wrong, Musk tweeted in response, without elaborating.

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.

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

Mr Murdoch was appointed to Telsa's board in 2017 and will step down from his role as chief executive of media empire 21st Century Fox when it completes the sale of its entertainment businesses to Disney. However, Gracias may not be sufficiently independent as he is invested in other companies linked with Musk, including SpaceX. He returned to Sky's board in 2016 after rebuilding his career at Fox.

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"I would still have reservations about the time he would be able to allot to this", Keatinge said. Tesla has to pay a separate $20 million fine, which the SEC said will be returned to investors.

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.

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.

What started as an April Fools' Day joke that left a poor taste in Tesla Inc. investors' mouths may soon become a reality. "The company needs some added stability at the top to win back investor confidence". 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.

With U.S. stock markets broadly lower, Tesla shares pared losses to trade down 1.8 percent at $257.96 shortly before the close on Wednesday. Tesla also must appoint two additional independent directors under the SEC agreement.

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