Outgoing Twenty-First Century Fox Inc (FOXA.O) Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc (TSLA.O) chairman, the Financial Times reported on Wednesday, citing two people briefed on the discussions. A federal judge is due to review the settlement on Thursday.
Despite all of the drama surrounding Elon Musk's tussle with the SEC, and despite Tesla's early troubles ramping up Model 3 production, the company has slowly but steadily improved production across its entire vehicular lineup.
"The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk's tweets, a charge that Tesla has agreed to settle", said the SEC in a statement following its ruling. Musk remains CEO of Tesla.
James Murdoch is the favourite to take over the chairmanship of volatile electric-carmaker Tesla from its embattled founder, Elon Musk, according to reports.
Seven dead, two missing on Nepal mountain
Kim was well-known as the first South Korean to climb the world's 14 highest mountains. A rescue team found their bodies among the wreckage of their camp this morning.
The proposed deal will see Tesla and Musk pay $20 million each in fines, money that the SEC intends to distribute to investors affected by the CEO's tweet about taking the company private.
Thanks to Musk's "vision and audacious showmanship", Tesla at times has managed to gain valuation that surpassed those of traditional vehicle makers with vast revenues, garnering Tesla an army of fans, despite being embroiled in constant production issues.
Musk told analysts on an earnings call later that day that he expected it would take about $2 billion worth of investment for the factory to be able to produce around 250,000 vehicles a year. Tesla has a one year low of $244.59 and a one year high of $387.46. Oppenheimer set a $385.00 price target on shares of Tesla and gave the stock a "buy" rating in a report on Wednesday, September 12th.
Hurricane Michael rips through Florida’s Panhandle
About 1.5 million homes and businesses were without power from Florida to Virginia on Friday, according to utility companies. Michael crashed ashore on Wednesday afternoon, carrying winds of up to 250km/h (155mph) and causing deep seawater flooding.
Importantly, the settlement requires Tesla to add two new independent members to its board, which is dominated by Musk allies including his brother and longtime investors and friends.
According to the filing, Mr Musk and his electric auto company have a "good faith intention" to develop a "distilled blue agave liquor". The SEC intends to distribute the penalties to affected investors, it said. The first mention of this drink was made in an April fool's joke about the problems on manufacturing of electric cars, and about the destruction of the company. Filing to trademark a name would be a pretty intense strategy for furthering a prank, so it seems possible that this might be a real endeavor for Musk.
He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster.
Before and After Satellite Images Show Hurricane Michael's Devastation in Florida
All told, more than 900,000 homes and businesses in Florida, Alabama , Georgia and the Carolinas were without power. The Florida Highway Patrol has closed an 80-mile stretch of Interstate 10 to clear debris from Hurricane Michael .