Economy

James Murdoch in line to replace Musk as Tesla chairman: FT

James Murdoch in line to replace Musk as Tesla chairman: FT

Tesla legal vice president Jonathan Chang reportedly testified on Wednesday in a National Labour Relations Board (NLRB) hearing that the automaker's general counsel told him to write new confidentiality agreement for employees in order to "have them renew their vows".

James Murdoch could become the next head of Tesla's board of directors.

The SEC filed a suit accusing Musk of fraud in relation to the tweets, alleging his go-private plan, which he abandoned weeks later, had no basis in fact.

However, Elon Musk, current CEO and chairman at Tesla, hit Twitter shortly after the report was published with the statement, "This is incorrect".

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The news comes after Musk agreed that he would relinquish his position as chairman but continue on as CEO after reaching a $20m settlement with the Securities and Exchange Commission (SEC), a USA financial regulatory agency. The billionaire had claimed in early August to have secured funding to take Tesla private, sending markets scrambling. In February, Elon Musk had posted on Twitter that he had not made any investments in cryptocurrency. However, Gracias may not be sufficiently independent as he is invested in other companies linked with Musk, including SpaceX.

Musk seemed to confirm this report a few hours later, tweeting, "Teslaquila coming soon ..."

Murdoch, Tesla and 21st Century Fox were unavailable for comment, according to Reuters.

Over at Electrek, the latest report is that Tesla is increasing the price of the Powerwall amid strong demand. Many longtime Fox observers have noted that he has already been largely written out of the narrative as brother Lachlan Murdoch takes control of the slimmed-down remainder entity.

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The eccentric Tesla CEO - who is in the midst of settling fraud charges with the SEC that nearly cost him control of the electric-car maker - appears to be getting into the liquor business. Musk and Tesla were also each fined $20m.

"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. The numbers 420 are significant in marijuana culture - as well as in the tweet that cost Musk his chairman post to begin with.

According to the official complaint, "From the time of Musk's first tweet that day until the close of trading on August 7, Tesla's stock price increased by more than 6 percent on significantly increased volume and closed up 10.98 percent from the previous day". Tesla is also required to appoint two new independent directors to its board.

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