Elon Musk stepping down and the effect on Tesla

James Murdoch 'favourite for Tesla post' | Business

James Murdoch 'favourite for Tesla post' | Business

Separately, Musk denied a report in the Financial Times that James Murdoch is poised to replace him as chairman, prolonging the uncertainty over Tesla's leadership after the SEC deal. A federal judge is due to review the settlement on Thursday. Musk, who has been Tesla's chairman nearly since its inception, must give up that job as part of a deal with the SEC to resolve securities fraud charges the agency brought against him.

Mr Musk agreed to give up the chairmanship last month to resolve claims of fraud brought by United States financial regulators. The CEO may not be a chairman of the Tesla board for three years.

Tesla's board has not made a final decision on who should... Murdoch is one name linked with these positions, although Musk has branded the speculation as "incorrect" on Twitter, responding to a report by the Financial Times.

Musk had said he was considering taking Tesla private at a price of $420 a share, a number that is slang for marijuana.

The two billionaires are locked in a space race alongside Amazon CEO Jeff Bezos, but that didn't stop Branson, the founder of Virgin Group, from sharing some friendly words of encouragement for Musk. He can not be reelected as the Chairman of Tesla, for at least 3 years.

The settlement capped months of debate and some investor calls for stronger oversight of Musk, whose recent public behaviour raised concerns about his ability to steer the money-losing company through a rocky phase of growth.

In comments to CNBC, Branson also told Musk to stop tweeting and focus on what he's good at. Last week, Musk said the Boring Company would sell interlocking, Lego-style bricksmade from rock and soil displaced by the company's tunnel-digging machines.

Russia, India announce major air defence system deal
Last year India and China had a military standoff over a Himalayan plateau claimed by Beijing and Bhutan, a close ally of India. The S-400 has three components - the missile launchers themselves, a powerful radar and a command centre.

Chester Spatt, finance professor at Carnegie Mellon University and former SEC economist, said the shareholder vote requirement shows the SEC is protecting investors. So far, he had lead the company and the board by himself.

Elon Musk and the SEC's joint letter could be read in full below.

Musk is thought to favor Antonio Gracias, who is an independent director at Tesla and a key investor. Canaccord Genuity set a $316.00 target price on Tesla and gave the stock a "hold" rating in a research report on Tuesday, August 28th.

The newspaper notes that Murdoch intends to leave his position in 21st Century Fox at the conclusion of the sale of assets of the Walt Disney company.

He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster.

The deadline for the replacement is mid-November, but can be extended at the request of Musk.

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