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    TSLA   US88160R1014

TESLA, INC.

(TSLA)
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Real-time Estimate Cboe BZX  -  01:32 2022-11-29 pm EST
180.98 USD   -1.06%
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Tesla adds billionaire Airbnb co-founder Gebbia to board

09/28/2022 | 04:44pm EST

Sept 28 (Reuters) - Tesla Inc said on Wednesday that Airbnb Inc co-founder Joseph Gebbia has joined the electric vehicle maker's board, reversing a move to trim the number of directors at the world's most valuable carmaker.

Tesla said in June it planned to have just seven board seats after the departure of Oracle Inc co-founder Larry Ellison in August, sparking criticism from a shareholder body over a lack of independent board members.

In July, SOC Investment Group filed a complaint with the U.S. Securities and Exchange Commission (SEC) saying Tesla's plan failed to comply with a 2018 "consent decree" with the SEC that included having two independent board seats.

That agreement stemmed from a tweet by CEO Elon Musk about taking Tesla private. Ellison, a self-described close friend of Musk, was appointed by Tesla in December 2018 to comply with the agreement.

Gebbia, a U.S. billionaire designer and Internet entrepreneur, joins Tesla after saying in July he would take on an advisory role at Airbnb, stepping away from his full-time role.

"Congrats on an incredible company with Airbnb, now for Book 2!'" Musk tweeted at that time.

In 2018, Gebbia had lauded Musk's attempt to take Tesla private as a "baller move" in text messages that were revealed earlier this year as part of an ongoing shareholder lawsuit. Musk responded, "Sucks being public."

Some experts doubted whether the billionaire would add diversity to the Tesla board.

"This sounds like more of the same. More of the bros of Mr. Musk rather than someone new and different," said John Coffee, a professor and director at the Center on Corporate Governance at Columbia Law School.

Gebbia, 41, has waived all entitlement to cash compensation and has agreed to not take any stock-based rewards until July 2023, Tesla said in a regulatory filing. (Reporting by Niket Nishant and Akash Sriram in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Sriraj Kalluvila and Richard Pullin)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 0.57% 95.82 Delayed Quote.-42.76%
TESLA, INC. -0.63% 181.88 Delayed Quote.-48.07%
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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2022 83 514 M - -
Net income 2022 12 798 M - -
Net cash 2022 18 899 M - -
P/E ratio 2022 49,7x
Yield 2022 -
Capitalization 578 B 578 B -
EV / Sales 2022 6,69x
EV / Sales 2023 4,66x
Nbr of Employees 99 290
Free-Float 83,7%
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Technical analysis trends TESLA, INC.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 35
Last Close Price 182,92 $
Average target price 279,56 $
Spread / Average Target 52,8%
EPS Revisions
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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