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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Real-time Estimate Cboe BZX  -  06:29:26 2023-01-27 pm EST
177.99 USD   +0.05%
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Musk set to take stand again in trial over Tesla funding tweet

01/24/2023 | 07:16am EST
Tesla CEO Elon Musk is questioned during a securities-fraud trial at federal court in San Francisco

(Reuters) - Elon Musk will take the stand on Tuesday in San Francisco, after telling a jury on Monday that he had locked up financial support in 2018 to take his electric car maker Tesla Inc private.

Musk is defending against claims he defrauded investors by tweeting on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed."

"With SpaceX stock alone, I felt funding was secured" for the buyout, Musk told a jury on Monday, referring to the aerospace company where he is also chief executive officer.

He said later he chose not to take Tesla private due to a lack of support from some investors and a wish to avoid a lengthy process.

The trial tests Musk's penchant for taking to Twitter to air his sometimes irreverent views, and when the world's second-richest person can be held liable for crossing a line.

Tesla's stock price surged after Musk's 2018 tweets, only to fall as it became clear the buyout would not happen. Investors say they lost millions of dollars as a result.

A jury of nine will decide whether the Tesla CEO artificially inflated the company's share price by touting the buyout's prospects, and if so by how much.

Musk testified that when tweeting about the financing, he was saying "not that it will happen, but that I am thinking about it," and that it was his "opinion" that funding was secured.

In addition to saying he could have funded the deal through SpaceX, Musk testified on Monday that he met on July 31, 2018, with representatives of Saudi Arabia's sovereign wealth fund, the Public Investment Fund, at Tesla's factory in Fremont, California.

He acknowledged that a takeover price was not discussed, but said the Saudi representatives made clear they would do what it took to make a buyout happen.

Musk said the fund's governor, Yasir Al-Rumayyan, later backpedaled on the commitment to take Tesla private.

Lawyers for Al-Rumayyan did not return a request for comment.

(Reporting by Hyunjoo Jin in San Francisco and Jody Godoy in California; Editing by Noeleen Walder and Chris Reese)

By Hyunjoo Jin and Jody Godoy


ę Reuters 2023
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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2022 81 550 M - -
Net income 2022 12 356 M - -
Net cash 2022 18 102 M - -
P/E ratio 2022 44,7x
Yield 2022 -
Capitalization 506 B 506 B -
EV / Sales 2022 5,98x
EV / Sales 2023 4,70x
Nbr of Employees 99 290
Free-Float 83,7%
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Mean consensus OUTPERFORM
Number of Analysts 34
Last Close Price 160,27 $
Average target price 194,02 $
Spread / Average Target 21,1%
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Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin & Chief Financial Officer
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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