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He is "the favourite" to replace Elon Musk, who now serves as both board chairman and chief executive, the Financial Times has reported.

It is emphasized that Musk now holds Executive and representative functions, and it will continue to remain the Chairman of the Board, i.e. the Executive head of Tesla.

Twitter/Getty Teslaquila is apparently coming soon, according to a cryptic tweet by Elon Musk, after news of his company applying to trademark the word came out.

He joined Tesla's board previous year as a non-executive director and has reportedly said he wants the job of chair.

Media reports have also thrown names like former Vice President Al Gore and Jim McNerney of Boeing as potential candidates to lead Tesla.

Mr Musk has just been forced to step down as Tesla's chairman after the US's Securities and Exchange Commission took legal action.

Bodies of 11 babies found in closed funeral home in Detroit
The bodies of 11 babies have been found hidden in a ceiling of a closed funeral home by construction workers, Detroit police say. Brian Bowser told reporters outside the funeral home after Detroit police had cordoned it off for the second time since April.

As part of Musk's settlement with the SEC, Tesla is supposed to monitor its CEO's Twitter posts, but only those that have to do with company news.

Musk is the public face of Tesla, and any chairman would have to contend with his powerful personality. If Musk truly wants to outwit Murdoch, he'd better abandon the Gracias plan and pick a new independent board member to serve as chair instead. Many longtime Fox observers have noted that he has already been largely written out of the narrative as brother Lachlan Murdoch takes control of the slimmed-down remainder entity. Tesla also filed an "intent to use" trademark for the product, which means that while the company is not using the "Teslaquila" brand today, it has a "good faith intention" to use it in the future. The firm will also oversee and pre-approve Musk's Tesla-related written communications that "reasonably could contain information material to the company or its shareholders".

The proposed deal will see Tesla and Musk pay $20 million each in fines, money that the SEC intends to distribute to investors affected by the CEO's tweet about taking the company private. In the signature for publication, Musk said that he was found unconscious and surrounded by empty bottles Teslaquila.

Shares of Tesla on Wednesday afternoon pared losses to trade down 1.6% at $258.50.

"Elon Musk is building a great company but has been erratic to say the least when it comes to thinking about his investors", said Chaim Siegel, an analyst at Elazar Advisors.