Tesla directors float Murdoch as Musk board replacement: Report
As the search to replace chief Elon Musk as head of the Tesla’s board begins, some directors have proposed 21st Century Fox CEO James Murdoch take his place, according to a new report.
The New York Times, citing people familiar with the discussions, reported late Tuesday that Murdoch’s name has been floated as a potential replacement, though the media exec had not volunteered nor had any formal proposal been discussed.
21st Century Fox is the parent company of FOX Business.
Meanwhile, Musk reportedly threatened to resign as head of Tesla in a call with board directors if Tesla insisted he enter a settlement with the Securities and Exchange Commission, according to the Times.
However, the mercurial businessman apparently changed his tune and accepted a settlement with the SEC over the weekend, complete with a $20 million personal fine and a $20 million fine for the company. As part of the penalty, Musk must also step down from his role as chairman of the board, though he is allowed to remain a member and stay with the company as CEO.
The complaint accuses Musk of securities fraud, after he misled investors into believing he had secured a funding deal to take the company private through a tweet he sent out in August. The SEC claims Musk had not even discussed key deal terms before posting on the social media platform that a deal was essentially in place.