Elon Musk Denies Being Replaced By James Murdoch As Tesla Chairman

(RTTNews) - Elon Musk denied a report that James Murdoch is the "favorite" candidate to replace him as chairman of Tesla Inc.(TSLA).

Musk tweeted a reply to a Financial Times article that said simply: "This is incorrect."

Earlier in the day, the Financial Times, reported that Murdoch could take over the chairman role after he steps down as chief executive of 21st Century Fox (FOX, FOXA) once the company completes its entertainment-assets sale to Walt Disney Co (DIS).

The Financial Times said Musk favors current board member Antonio Gracias, but said he may not be seen as independent enough. The report added that other external candidates are also being considered.

As part of a settlement with the Securities and Exchange Commission over charges he misled investors about bid to go private, Musk must give up his chairmanship for three years. He must also pay a fine of $20 million, in addition to a $20 million find Tesla must pay. The company must also add at least two more independent board members, and establish guidelines and oversight for how Musk acts on social media.

Since the settlement was announced in late September, Musk has trolled the SEC in tweets, accusing them of helping short-sellers.