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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