Tesla adds Larry Ellison to its board

Tesla adds Larry Ellison to its board

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 that he had funding to take Tesla private.

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. 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.

The SEC said the claim was “false and misleading”, and decided to sue him for alleged securities fraud. Although he agreed to step down as chairman and pay a $20m (£15m) settlement fine, Mr Musk said recently that he does not respect the SEC.

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