Tesla Inc will raise up to $2.3 billion in new capital, renouncing what Elon Mus...
SAN FRANCISCO - Tesla Inc will raise up to $2.3 billion in new capital, renouncing what Elon Musk called a “Spartan diet” and easing Wall Street concerns about the money-losing company’s ability to overcome a drop in sales and build new product lines.
“The market seems to be breathing a sigh of relief. Now they need to get back to work, and start selling more cars,” said Roth Capital analyst Craig Irwin. Chief Executive Officer Musk would also pitch in $10 million of his own money, Tesla said in a filing. Musk also has been distracted by a public feud with U.S. regulators. Shares in the company have dropped 28 percent since the beginning of the year.Tesla ended its first quarter with $2.2 billion in cash. In 2019, it expects capital expenditures of $2 billion to $2.5 billion and about $2.5 billion to $3 billion annually for 2020 and 2021.
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