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Elon Musk denies James Murdoch is 'favorite' to become Tesla chairman

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Elon Musk denied a report that 21st Century Fox executive James Murdoch is the "favorite" to replace him as Tesla chairman.

“This is incorrect," Musk tweeted in response to an article by the Financial Times that made the Murdoch claim.

Citing two sources familiar with the matter, Financial Times reported Murdoch would take over the Tesla chairman role after he steps down as CEO of Fox.

Musk is required to step down as Tesla chairman as part of a settlement with the U.S. Securities and Exchange Commission.

Read more from MarketWatch.

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