Tesla’s $2 billion capital raise is repeating the sins of the past AntonyMCurrie
Tesla said on May 2 that it has filed with regulators to launch around $2 billion in fundraising through issues of new shares and convertible debt. Chief Executive Elon Musk will pitch in $10 million to buy stock. Lead underwriters Goldman Sachs and Citigroup have the option to increase the size of the offering by 15 percent, or $300 million.
The company’s shares were up 5 percent at $245 in premarket trading on May 2 after it unveiled the plans. The move follows Musk’s hint last week that a capital raise was imminent after the electric carmaker lost $702 million in the first quarter. Tesla’s shares had lost 30 percent of their value so far in 2019, as of May 1, giving the company a market capitalization of $41 billion.
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