Elon Musk might be getting into the tequila business

Lloyd Doyle
October 13, 2018

However, on Thursday Musk and the SEC urged a federal judge to approve the terms of the proposed consent judgment that requires Musk to resign as Tesla's chairman and personally pay a $20 million fine to the SEC. However, the FT also cited an anonymous source as saying that "external options were still being considered".

Murdoch's emergence as the front-runner for the Tesla chairman seat is a turnabout, after he was targeted for removal from Tesla's board as an independent director earlier this year by several proxy adviser groups pushing against his re-election.

Tesla has filed an official trademark application for Elon Musk's "Teslaquila." .

Murdoch could not immediately be reached for comment.

"The Tesla chairman job is ideal for James", one source told the FT.

Tesla has until November 13 to appoint an independent chairman of the board, part of settlements reached last month between Tesla, Musk and USA regulators in the wake of Musk tweeting in August that he had secured funding to take the company private. He stepped down from the board of Sky Plc on Tuesday following the completion of Comcast Corp's takeover of the broadcaster.

Since Tesla has until the end of the year to hand out full tax credits, a further rush of orders could drag down the company's already strained production and delivery chain.

It is meant to create more oversight of Mr Musk, who provoked the charges when he claimed on Twitter that he had secured funding and might take the firm private.

In a joint filing, all parties involved described the punishment for Musk tweeting about his plan to take Tesla private as "fair" and in the best interest of investors.

He posted jokingly that he had been "found passed out against a Tesla Model 3, surrounded by "Teslaquila" bottles".

Tesla shares rose 1.10% in pre-market-trading.

Initially rejecting an SEC offer to settle the case, Musk relented two days after the fraud complaint and agreed to resolve the matter by paying the penalty, stepping down as chairman and agreeing to oversight about his communications on company news.

Other reports by Iphone Fresh

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