Tesla Raises $2 Billion: Did Elon Musk Lie to Investors?

14 Février, 2020, 01:37 | Auteur: Auguste Feret
  • Tesla Raises $2 Billion: Did Elon Musk Lie to Investors?

After more than doubling in 2020, Tesla's stock has settled back down to a still-huge year-to-date share price rise of almost 88%. The stock had more than tripled since the company released the first of two straight positive earnings reports in October.

The top target will be paid out if Tesla reaches a market value of $650 billion, more valuable than all but four United States companies today - Apple, Microsoft, Amazon and Google parent Alphabet.

"So in light of that, it doesn't make sense to raise money because we expect to generate cash despite this growth level", he said.

He noted that diluting the company's shares to pay down its debut "doesn't sound like a wise move", according to Reuters.

Musk also said Tesla needed to produce more batteries to increase vehicle production, adding that some projects like its electric semi-trailer truck program could not proceed without battery improvements.

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The company said it plans to use proceeds from the offering to strengthen its balance sheet and for general corporate purposes, but a share price hasn't been officially set; however, Musk appears to buying his for a little more than $767 a share. Its profit and revenue in the last three months of 2019 topped estimates and the company said 2020 deliveries should comfortably beat projections amid demand from new customers.

The company said it would offer 2.65 million shares, of which Musk himself will buy up to $10m in shares.

Tesla will be launching plenty of new products, including the Model Y SUV, its big Semi, and the Cybertruck shown here, all of which cost money. Tesla reported US$1.33 billion of expenditures for all of a year ago, well below its initial plan for as much as US$2.5 billion.

Underwriters for the offering are Goldman Sachs, Morgan Stanley, Bank of America Securities, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Wells Fargo Securities and Societe Generale.

In a note last week, Tesla bull Gene Munster of Loup Ventures commented that Tesla stock may have risen too fast and presents short-term risk resulting from a sequential decline in deliveries (the first quarter is slow for all automakers), Tesla's still-negative free cash flow and margin pressure due to fewer deliveries and rising production ramps, among other things.

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