This is incorrect, tweets Musk on James Murdoch as lead candidate to become Tesla chairman

File photo Rupert Murdoch and Elon Musk. Photograph:( Reuters )

WION Web Team Palo Alto, CA, USA Oct 11, 2018, 09.04 PM (IST)

Tesla CEO Elon Musk, 47, in a tweet said: "This is incorrect," while replying to a report which claimed Twenty-First Century Fox Inc Chief Executive James Murdoch was inline to replace him as the company's chairman.

Also Read: Murdoch lead candidate to replace Elon Musk as Tesla chairman

Telsa has been looking for chairman after the board decided Musk was no longer capable of holding the post over his controversial tweet in which he declared that he was  considering taking Tesla private at  price of $420 a share which led the Tesla stocks to shoot up immediately, Musk later denied he was going to do it.

Musk's tweet had led to an investigation by the Securities and Exchange Commission(SEC) which declared it fraudulent, allowing the Tesla chief to stay as CEO but not as chairman.

On Thursday, Musk replied to the Financial Times story on its Twitter handle denying James Murdoch was set to take over the job being the lead candidate. Rupert Murdoch, son of media mogul Ruper Mogul, had joined Tesla's board last year.

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Murdoch is currently on the boards of Twenty-First Century Fox and News Corp. He was appointed CEO of Sky, founded by his father, in 2003, becoming the youngest CEO of a FTSE 100 company. He returned to Sky's board in 2016 after stepping down over the phone-hacking scandal in 2012 after rebuilding his career at Fox.

Tesla has until November 13th to appoint an independent chairman of the board which is part of a settlement reached last month between Tesla, Musk and US regulators.

Meanwhile, shareholder T. Rowe Price Group Inc said in a regulatory filing on Wednesday that it had raised its stake to 10.2 per cent at the end of September from just under 7 per cent in June.

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.