Saturday, 17 November, 2018


Tesla Has Actually Submitted a ‘Teslaquila’ Trademark Application

Elon Musk might be getting into the tequila business Elon Musk plans to launch a tequila under the brand name Tesla
Conrad Doyle | 13 October, 2018, 19:29

Mr Musk, chairman and chief executive of Tesla, is to drop the former role as part of a settlement he has agreed with the US Securities and Exchange Commission.

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

From the FT: "Tesla directors, including Mr Murdoch, issued a ringing endorsement of Mr Musk after he first rejected a settlement of the SEC fraud charges, a move that was widely condemned by boardroom experts and wiped 14 per cent off the company's share price".

U.S. District Judge Alison Nathan in Manhattan must now decide whether to approve the deal or send the SEC, Tesla and Musk back to the drawing board, though scrutiny of such settlements by judges has been reigned by appeals courts in recent years.

Musk is thought to favor Antonio Gracias, who is an independent director at Tesla and a key investor. In addition, he stepped down as chairman of United Kingdom -based satellite TV operator Sky following its sale to Comcast. However, Gracias may not be sufficiently independent as he is invested in other companies linked with Musk, including SpaceX.

Murdoch was forced out as chairman of Sky, then BSkyB, in 2012 after being embroiled in Britain's phone-hacking scandal.

"I would still have reservations about the time he would be able to allot to this", Keatinge said.

Considering a broad choice of candidates was important, said Dieter Waizenegger, executive director of CtW Investment Group, because "Investors should really be wary about the board making the easy choice here" in opting for Murdoch.

According to the FT report, external options were still being considered.

"Elon was found passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks". The SEC intends to distribute the penalties to affected investors, it said. Musk initially refused to settle, leading the SEC to double its fine from $10 to $20 million and increase the length of time Musk is barred from serving as Chairman from two to three years.

Shares of Tesla closed Thursday down 1.8 percent at $252.23 as the Dow Jones Industrial average dropped over 500 points.

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