Musk funding u-turn as Tesla drains cash
Musk said on several occasions last year that the electric car maker would no longer need to raise capital as its first mass-manufactured car ramped up
Tesla plans to raise about $2 billion through debt and stock offerings, afterchief executive Elon Musk overestimated the ability of its Model 3 to generate enough cash for the company to be self-sustaining.
The electric car maker filed on Thursday to sell $1.35 billion in convertible notes and about $650 million in shares. Tesla shares, which had plunged 30 per cent this year, rose in New York on the news.
“We view this ...
