Tesla Asks Wall Street for More Cash to Roll Out Model 3
- Capital raise to cushion balance sheet before sedan’s debut
- Musk said company was ‘close to the edge’ without raising cash
Elon Musk's Plan to Cushion Tesla's Balance Sheet
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Elon Musk needs to raise at least $1.15 billion more to bring his more affordable Model 3 to market. His believers, along with investors who buy into the vision of Tesla Inc., could hardly be happier.
After burning through cash late last year and Musk’s warning to Wall Street that company coffers were “close to the edge,” Tesla announced Wednesday that it would sell new stock and convertible securities while preparing for volume production and deliveries of its first mass-market car later this year.