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- According to AP, Elon Musk stated that his track record was "extremely strong" and made it easy for him to get investment support.
- Musk claimed he had "no ill motive" when he tweeted his "funding secured” tweet in 2018, AP reported.
- Musk was described in court by an ex-Tesla director as "the Michael Jordan for fundraising", it said.
According to AP, Elon Musk claimed that it is easy to win investors' support due his past success.
Musk said that it was relatively simple for him to receive investment support due to his track record, per AP.
According to AP, Musk seemed to be referring specifically at the success of his companies: SpaceX, his aerospace company, and Tesla, his electric carmaker. He also mentioned PayPal, which was a digital payment firm with which he was involved, according to AP.
CNBC reported that SpaceX had told potential investors it would raise $750 million through a new round led by Andreessen Horowitz. According to the report, SpaceX had a valuation of $137billion.
Musk stated that Tesla would be the most valuable company in the world during an earnings call Wednesday. According to MarketWatch, Tesla's market capitalization is approximately $560 billion.
Musk's self-assurance in securing financial support led to him being brought before the court, according to AP.
Musk is currently testifying in a case over allegations that he illegally manipulate Tesla's stock prices by tweeting in 2018 that "funding secured" for the company's privatization at $420 per share. The deal was never finalized.
Musk recently testified in court that he had no ill motive and that he wanted to do the right things for all shareholders, according to AP.
Musk stated in court that he could have sold enough SpaceX stock on January 24 to finance a Tesla purchase.
"I sold Tesla stock in order to complete the Twitter transaction." Musk stated that he would have done the exact same thing here, according to CNBC.
Antonio Gracias, a former Tesla director, testified recently that Musk was "the Michael Jordan for fundraising", referring to his potential ability to finance a buyout.
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By: kduffy@insider.com (Kate Duffy)
Title: Elon Musk says it’s easy for him to get investment support because he has an ‘extremely good’ track record
Sourced From: www.businessinsider.com/elon-musk-trial-extremely-good-track-record-easy-investment-tesla-2023-1
Published Date: Mon, 30 Jan 2023 12:39:11 +0000
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