Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Tesla Founder to Invest $100 Million in Surging Electric Car Company | Companies & Executives content from IndustryWeek

May 15, 2013
NEW YORK – Tesla Motors said Wednesday that founder Elon Musk would invest $100 million in the surging electric car maker, and that it would repay a loan from the U.S. Department of Energy ahead of schedule.

The California maker of high-priced electric vehicles said it would launch a new stock offering of some 2.7 million shares along with $450 million in convertible notes to raise fresh capital.

Musk, Tesla’s chief executive and cofounder, will purchase $45 million in common shares and another $55 million in a private share placement, the company said.

Tesla said it expects to raise some $830 million and use the proceeds to prepay a loan from the US Department of Energy.

The moves came amid a stunning surge in the value of Tesla, which has just a tiny share of the U.S. car market but turned a profit for the first time in the past quarter.

Tesla shares jumped another 1.9% Wednesday to $84.84, giving it a market value of $9.7 billion. With the recent gains, Tesla has become more valuable than Fiat — even though the Italian auto giant produces 200 times more cars than the American upstart does.

More http://m.industryweek.com/companies-amp-executives/tesla-founder-invest-100-million-surging-electric-car-company

Share

Leave a Reply