{"id":5850,"date":"2018-12-28T16:26:34","date_gmt":"2018-12-28T16:26:34","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/tesla-adds-larry-ellison-to-its-board\/"},"modified":"2018-12-28T16:26:34","modified_gmt":"2018-12-28T16:26:34","slug":"tesla-adds-larry-ellison-to-its-board","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/tesla-adds-larry-ellison-to-its-board\/","title":{"rendered":"Tesla adds Larry Ellison to its board"},"content":{"rendered":"\n
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\"OracleImage copyright<\/span>
\n Getty Images<\/span><\/p>\n

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Image caption<\/span>
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\n Oracle founder and chairman Larry Ellison
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Tesla has appointed Oracle co-founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson to its board.<\/p>\n

The move further strengthens the board as pledged by founder Elon Musk to the Securities and Exchanges Commission.<\/p>\n

The SEC fined Mr Musk over misleading tweets that he had funding to take Tesla private<\/a>.<\/p>\n

Investors greeted the news by sending Tesla shares up more than 4% in morning Friday trading. <\/p>\n

Elon Musk remains as chief executive although he agreed with the SEC in October he would step down as chairman. <\/p>\n

Larry Ellison is the co-founder and chairman of enterprise cloud software firm Oracle – currently the third largest software maker in the world after Microsoft and Google owner Alphabet. <\/p>\n

He already owns three million shares of Tesla stock and is a close friend of Mr Musk. <\/p>\n

Iron Man cameo<\/h2>\n

Actor Robert Downey Jr modelled the character of Tony Stark on Mr Musk for the film Iron Man in 2008, and in 2010, Mr Ellison famously made a cameo appearance in Iron Man 2 as a fellow tech billionaire. <\/p>\n

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Image copyright<\/span>
\n Paramount Pictures<\/span><\/p>\n

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Image caption<\/span>
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\n Robert Downey Jr as Iron Man
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\n <\/figcaption><\/figure>\n

Kathleen Wilson-Thompson is the global head of human resources at international pharmacy chain Walgreens Boots Alliance, and was previously an executive at Kellogg. <\/p>\n

The new appointments follow November’s move by Tesla to appoint Australian telecoms executive Robyn Denholm<\/a> as its new chairman.<\/p>\n

‘False and misleading’<\/h2>\n

In August, Mr Musk posted a tweet saying that he had secured funding to take the electric car maker off the stock market and make it a private company.<\/p>\n

He claimed that the funding proposal would value Tesla at $420 per share. Shares in the company briefly rose after his announcement, but later fell again.<\/p>\n

The SEC said the claim was “false and misleading”, and decided to sue him for alleged securities fraud.<\/p>\n

Although he agreed to step down as chairman and pay a $20m (\u00a315m) settlement fine, Mr Musk said recently that he does not respect the SEC<\/a>.<\/p>\n

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Image copyright<\/span>
\n Getty Images<\/span><\/p>\n

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Image caption<\/span>
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\n Elon Musk has had a turbulent year
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\n <\/figcaption><\/figure>\n

The SEC settlement follows a turbulent year for Tesla and Mr Musk. <\/p>\n

In February, Tesla reported a record quarterly loss<\/a>, partly caused by the carmaker’s revamp of its manufacturing process to boost output of the Model 3.<\/p>\n

The revamp was needed after a surge of orders in 2017 saw it struggling to meet manufacturing targets and deliver cars to customers.<\/p>\n

This prompted worries about Tesla’s finances and fanned concerns that customers would get impatient and cancel their bookings.<\/p>\n

In June, Tesla cut 9% of its workforce<\/a> as part of a restructuring intended to reduce costs and boost profitability.<\/p>\n

In October the carmaker reported a quarterly profit for just the third time in its 15-year history<\/a>.<\/p>\n

In a striking and emotional interview to the New York Times in August, Mr Musk said he had not been on drugs when he posted the tweets about taking Tesla private.<\/p>\n

He did however say that he was exhausted after working 120 hour weeks<\/a>, and that the past year had been the “most difficult and painful” of his career. <\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images Image caption Oracle founder and chairman Larry Ellison Tesla has appointed Oracle co-founder Larry Ellison and Walgreens Boots Alliance executive Kathleen Wilson-Thompson to its board. The move further strengthens the board as pledged by founder Elon Musk to the Securities and Exchanges Commission. The SEC fined Mr Musk over misleading tweets … <\/p>\n","protected":false},"author":0,"featured_media":5851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5850"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/5851"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}