Tesla Names Musk Friend, Oracle's Larry Ellison, And An HR Leader To Its Board To Get Past SEC Troubles

Tesla Names Musk Friend, Oracle's Larry Ellison, And An HR Leader To Its Board To Get Past SEC Troubles
Tesla Inc on Friday named Oracle Corp co-founder Larry Ellison, a shareholder and self-described close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by U.S. regulators after Musk tweeted about taking the electric carmaker private.

The move is meant to usher Tesla past months of turbulence following Musk’s Aug. 7 tweet that he was considering taking the company private and had secured funding...

...Charles Elson, director of the corporate governance center at the University of Delaware, questioned adding a friend of Musk’s and another director with no experience at an industrial company like Tesla.

“Why would you put a friend (on the board) if the idea of the two independent directors were to be objective,” Elson said. “Investors who were hoping for two newly objective directors who could stand up to Mr. Musk would be rather disappointed by the choice..."
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MDarringerMDarringer - 12/29/2018 12:27:57 PM
+1 Boost
Will Musk brag here as well that he's still in total control?


PUGPROUDPUGPROUD - 12/29/2018 12:49:40 PM
+7 Boost
Stacked deck for sure!


HauergHauerg - 12/30/2018 11:22:47 AM
+1 Boost
A big wave.


skytopskytop - 12/29/2018 3:59:24 PM
+2 Boost
That is what drug addiction does to a person's brain.


ricks0mericks0me - 12/29/2018 4:35:49 PM
+2 Boost
Larry Ellison has enough $$$ to buy off the SEC. I would let Tesla sink based on the fact that Elon Musk is involved.


MDarringerMDarringer - 12/29/2018 5:27:05 PM
+2 Boost
The SEC should have made Musk divest.


mre30mre30 - 12/29/2018 7:32:13 PM
+3 Boost
Oracle is a very upstanding company which has excellent financial disclosure and who is very familiar with SEC regs.

The only way Larry Ellison's involvement should provide comfort is if all Tesla accounting, HR, and finance is outsourced to Oracle.

By the way, it is my understanding that all of Tesla's operating software is 'home-grown'. Tesla would benefit from implementing leading edge ERP software from Oracle or SAP.

I would love to read PWC's "Management Letter" and "Internal Control" letter on Tesla.




HauergHauerg - 12/30/2018 11:26:15 AM
0 Boost
Implementing ERP from Oracle or SAP is a BIG challenge for company with unorthodox processes.
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