Musk Denies xAI Fundraising Speculation, Tesla Stock News

Tesla CEO Elon Musk has clarified that AI venture xAI has no immediate plans for fundraising, with sufficient financial resources. Analysts forecast a $293.64 average target price for Tesla, implying a 6.34% downside from the current price. The estimated GF Value for Tesla in one year is $269.28, suggesting a 14.11% downside. Tesla's energy storage business achieved a record gross profit in Q1, and the company plans to launch fully autonomous rides in Austin by June.

Elon Musk has clarified that his artificial intelligence venture, xAI, is not currently seeking funding, despite reports of potential fundraising efforts. The company, which was launched in July 2023 as an alternative to OpenAI's ChatGPT, has sufficient financial resources and does not require immediate capital infusion. The company's recent acquisition of Musk's social media business, X (formerly Twitter), valued xAI at $80 billion and X at $33 billion [1].

Analysts are forecasting a $293.64 average target price for Tesla, implying a 6.34% downside from the current price. The estimated GF Value for Tesla in one year is $269.28, suggesting a 14.11% downside [3]. Despite the political turbulence and scrutiny surrounding Musk's recent political activities, investor appetite for Musk-led ventures appears largely undeterred.

Tesla's energy storage business achieved a record gross profit in Q1, reflecting the company's strong performance in this segment. The company also plans to launch fully autonomous rides in Austin by June, marking a significant milestone in its autonomous driving efforts. The Robotaxi pilot program, which initially launched in Austin last month, is set to expand its coverage within the city this weekend. Additionally, Tesla is exploring the possibility of launching the service in the San Francisco Bay Area within the next few months [4].

In a separate development, Dave Portnoy, the founder and CEO of Barstool Sports, recently announced a high-stakes investment in Tesla, purchasing $10 million worth of shares in anticipation of a 10% bounce in under two weeks. Portnoy's move reflects the volatility and uncertainty surrounding Tesla's stock price, driven in part by Musk's political activities and the company's expansion into new markets [3].

References:
[1] https://finance.yahoo.com/news/musks-xai-seeks-200-billion-194434853.html
[2] https://slguardian.org/elon-musks-xai-eyes-200-billion-valuation-in-new-fundraising-round/
[3] https://finance.yahoo.com/news/dave-portnoy-drops-10-million-180049578.html
[4] https://www.teslarati.com/tesla-robotaxi-to-expand-austin-coverage-bay-area-launch-targeted-in-coming-months/