Tesla Inc launched issues of new shares and debt worth more than $2 billion on T...
- Tesla Inc launched issues of new shares and debt worth more than $2 billion on Thursday, with Chief Executive Officer Elon Musk pitching in $10 million as the electric carmaker gave in to Wall Street pressure to bolster its cash reserves.
Shares in the Silicon Valley company rose more than 5 percent on news of the capital raise plan, which follows Musk’s hint last week that a fund-raising was imminent after Tesla lost $700 million in the first quarter.. “The growing worries around capital were a black cloud over the stock on the heels of the company’s troubled March results and the choppy path ahead.”
Analysts said last week that the company would probably seek between $1 billion and $3 billion dollars, and that it would cost significantly more than it would have a year ago, when some on Wall Street were already calling for a capital raise.
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