Tesla may be about to lose a key group of investors that have stuck with the struggling stock
Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks all through an unveiling match for the Tesla Model Y crossover electric automobile in Hawthorne, California, U.S., on Friday, March 15, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Tesla’s current move to raise cash might also quiet down its skeptics. Yet Elon Musk has given them new ammo as he shifts his center of attention to independent automobiles — which pushes out the automaker’s direction to profitability even further.
Musk closing week tapped Wall Street to increase $2.7 billion in stock and bond offerings, which sparked a comfort rally in its inventory that had been struggling amid disappointing production and the company’s legal woes.
But on an investor name hosted by way of the deal’s underwriters, Musk modified his tune, speaking up Tesla’s self-driving strategy right off the bat, confidently saying self sufficient riding will transform Tesla into a organisation with a $500 billion market cap.