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.
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.
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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.