Tesla names former Oracle exec to board as part of SEC settlement

Tech entrepreneur Elon Musk has been hit with a defamation lawsuit for calling a British caver involved in a dramatic Thailand rescue effort a

Tech entrepreneur Elon Musk has been hit with a defamation lawsuit for calling a British caver involved in a dramatic Thailand rescue effort a"pedo guy along with other insults

The electric-car maker announced that Oracle founder Larry Ellison and Kathleen Wilson-Thompson, human resources global chief of Walgreens Boots Alliance just joined its board independent directors.

First Trust Advisors Chief Economist Brian Wesbury and Barron's Senior Editor Jack Hough on Tesla's plans to reimburse customers for missed tax credits and the company's decision to cut the price of its Model 3 in China.

"Given Ellison's stature in tech circles, strong reputation in the Valley and on the Street, and vast accomplishments at Oracle among other achievements over the past 40 years, the addition of Mr. Ellison on the board, in our opinion, is another key step forward for Tesla and Musk as the company starts to build an independent and well-regarded board that can help the company navigate through transformational opportunities in the electric vehicle market over the coming years with competition and production complexity a key factor that needs to be handled without a major speed bump", the analyst wrote.

Elon Musk said on Twitter that if Tesla does not fulfill a promised end-of-year delivery by December 31, the company will make up any difference caused by a lost tax credit.

Tesla's shares rose more than 4 per cent to US$331 as of 8:28 a.m. Friday in NY, before the start of regular trading.

Festive cheer for motorists as petrol to drop by R1.22 on Wednesday
The cost of fuel will decrease by more than R1 per litre with effect from January 2, due to lower worldwide petroleum prices. In New Delhi, petrol was retailing at Rs 69.55/ litre while diesel was at Rs 63.62/ litre.

"This guy is landing rockets", Ellison added about Musk, referring to his leadership of SpaceX. "You know, he's landing rockets on robot drone rafts in the ocean. Well, who else is landing a rocket?" Last year, a company he invested in bought a microgrid energy system from Tesla Energy for a greenhouse farming project on the Hawaiian island of Lanai for $1.9 million, according to a Tesla regulatory filing Friday.

Larry Ellison is the co-founder and chairman of enterprise cloud software firm Oracle - now the third largest software maker in the world after Microsoft and Google owner Alphabet. This fall, California became the first US state to mandate that publicly traded companies have women on their boards.

The SEC moved to punish Tesla and Musk because it alleged he committed fraud by tweeting that he had the "funding secured" to take the company private at US$420 a share.

The SEC said the claim was "false and misleading", and chose to sue him for alleged securities fraud. It gave the company 90 days to add directors and take other actions. Shares of Tesla Inc. are up more than 20 percent since his clash with the SEC.

The company tapped Dane Butswinkas, the Washington trial lawyer who represented the CEO in his legal battle with the agency, earlier this month to become general counsel. Before he joined the company, he represented Musk through two divorces. The Oracle founder, after all, previously served on the board of Apple from 1997-2002, where he worked with Steve Jobs, one of his closest friends.

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