LPNEWS
Tesla said yesterday that it would sell about $2 billion in stock and bonds to help fund its operations after a worse-than-expected first quarter. It’s the first time in two years that Tesla has sold securities to raise money. Elon Musk had said for months that Tesla did not need to raise new capital. It’s necessary because Tesla hasn’t sold enough cars to cover its operating costs. Sales of the Model 3 tumbled in the first quarter, and the company used over 40 percent of its available cash during that quarter. The timing is questionable.

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