FT says James Murdoch in line for Tesla chair, but Elon Musk denies report

Outgoing Twenty-First Century Fox Inc Chief Executive James Murdoch is the lead candidate to replace Elon Musk as Tesla Inc chairman, the Financial Times reported on Wednesday, but Musk in a tweeted reply to the newspaper said, “This is incorrect.”

Tesla has until November 13 to appoint an independent chairman of the board, part of settlements reached last month between Tesla, Mr Musk and US regulators in the wake of Mr Musk tweeting in August that he had secured funding to take the electric car maker private.

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

The US Securities and Exchange Commission, which said Mr Musk’s tweeted statements about going private were fraudulent, allowed the billionaire to retain his role as CEO while requiring he give up his chairmanship.

Mr Musk had said he was considering taking Tesla private at a price of $420 a share, a number that is slang for marijuana. He tweeted the three-word denial of the Financial Times story, on Wednesday at 4.20pm (Pacific Time), about six hours after the newspaper’s post.

In a vote of confidence for Mr Musk, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake by nearly half to 10.2 percent at the end of September from just under 7 percent in June.

The Financial Times cited two people briefed on discussions saying Mr Murdoch was the lead candidate for the job.

Mr Murdoch, already an independent director of Tesla, has signaled he wants the job, the report said.

The son of Fox mogul Rupert Murdoch, he joined Tesla’s board last year after years of work with media companies. He has no experience in manufacturing and has never led a company that makes cars or electric vehicles.

Mr Murdoch could not immediately be reached for comment. Tesla did not respond to a request for comment. Twenty-First Century Fox declined to comment.

Mr Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. Thanks to his vision and audacious showmanship, Tesla’s valuation has at times eclipsed that of traditional, established U.S. automakers with billions in revenues and the company has garnered legions of fans, despite repeated production issues.

Tesla faces a crucial moment as it struggles to produce its Model 3 sedan in large volume and deliver it quickly to customers amid an ongoing cash crunch that has concerned some analysts. Mr Musk has vowed that the loss-making company will be profitable and cash flow-positive in its third and fourth quarters.

Concerns about Mr Musk due to production delays and manufacturing challenges have been exacerbated by a series of damaging actions, including Mr Musk insulting analysts on a conference call, calling a British cave rescuer a paedophile, and joking on April Fool’s Day that Tesla was going bankrupt.

Shares are down 20 percent since the beginning of the year.

“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 company needs some added stability at the top to win back investor confidence.”

Under terms of the SEC settlement, Musk is not permitted to be re-elected to the chairman’s post for three years. Tesla is also required to appoint two new independent directors to its board.

With US stock markets broadly lower, Tesla shares closed down 2.3 percent at $256.88.

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Semi-final fixtures

Portugal v Chile, 7pm, today

Germany v Mexico, 7pm, tomorrow

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

HWJN

%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A

OPINIONS ON PALESTINE & ISRAEL

Saeb Erekat: Palestine can overcome coronavirus, even as Israel undermines its efforts

Jonathan Cook: The US and Israel are scaring the ICC away from helping Palestine

Shaddad Attili: Palestine is not short on water - just the right to use it

Mina Al-Oraibi: Iraq is in a fight to show its people who is really in charge

Khaled Yacoub Oweis: Iraq PM goes from shy writer to the political peak

The National Editorial: Iran's 'failed model' should be discontinued

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

The biog

Name: Salvador Toriano Jr

Age: 59

From: Laguna, The Philippines

Favourite dish: Seabass or Fish and Chips

Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

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Lebanon’s interior minister says he killed two people in civil war

Lebanon crisis: Druze leader Walid Joumblatt warns of 'hunger revolt'

New low for Lebanese pound triggers fresh protests

'Texas Chainsaw Massacre'

Rating: 1 out of 4

Running time: 81 minutes

Director: David Blue Garcia

Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham

The specs

Engine: 3.0-litre six-cylinder turbo

Power: 398hp from 5,250rpm

Torque: 580Nm at 1,900-4,800rpm

Transmission: Eight-speed auto

Fuel economy, combined: 6.5L/100km

On sale: December

Price: From Dh330,000 (estimate)

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While you're here

Kareem Shaheen: In Syria and elsewhere, women often bear the brunt of war

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Why seagrass matters

Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
Biodiversity: Support species like sea turtles, dugongs, and seabirds
Coastal protection: Reduce erosion and improve water quality

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."