Tesla seeks to raise up to $2.3bn as losses stack up

Tesla is seeking to raise up to $2.3bn after chief executive Elon Musk hinted it may have to go to the capital markets to aid its future plans.it had lost $700m in the first quarter of the year as a result of production and delivery difficulties, with its cash balance shrinking by $1.5bn to $2.2bn.

He said he would buy $10m worth of stock in a sale of new shares that was expected to raise at least $650m.A bond issue of $1.35bn would take place alongside that, Tesla said, with underwriters having the option to buy more - depending on demand. Shares - which have lost more than a quarter of their market value this year - were more than 4% higher in early deals following the announcement.

🥺

Am here for it.

I'd rather invest in Tulips, South Sea shares or buy an acre of the moon.

Elon must be good for it

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Source: The Guardian - 🏆 84. / 53 Read more »