Tesla seeks £1.5bn boost

Daily Mail - - City & Finance -

TESLA wants to raise £1.5bn from in­vestors af­ter a huge quar­terly loss.

The Us elec­tric car maker said it will seek nearly £500m through shares and about £1bn in debt which could be con­verted into stock, and that boss Elon Musk, 47, would be buy­ing nearly £8m worth of new shares.

It came just a week af­ter it posted a £540m loss for the first three months of 2019, af­ter spend­ing about £1.5bn.

Tesla is on course for fur­ther losses, with bil­lion­aire Musk ad­mit­ting there was merit in rais­ing fresh cash – a sug­ges­tion he had pre­vi­ously rejected.

‘I don’t think rais­ing cap­i­tal should be a sub­sti­tute for mak­ing the company op­er­ate more ef­fec­tively,’ he told an­a­lysts.

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