And just to assure everyone this is not a scam, Elon Musk is going to use $20 million of his "own" money to buy some of these new shares.
Tesla has filed to sell 2.1 million shares of common stock — worth around $500 million — and CEO Elon Musk wants some.
In a filing on Thursday, Tesla said Musk had "indicated his preliminary interest" in buying $20 million of this offering, or around 84,000 shares.I imagine $20 million for Mr Musk is a rounding error on his personal wealth.
The interesting story is how fast this happened. Pundits were talking about Tesla's need for more liquidity, how it was burning through cash very quickly. I think a lot of folks thought Tesla might hold off longer, but coming so soon after the $750 million bailout suggests .... well, whatever.
I haven't been consistent in tracking the Tesla story but much has been tracked here. How much coal does it take to charge a Tesla one time? Seventy-five (75) pounds of coal every time a Tesla is charged. Isn't the range about 200 - 400 miles? That's a lot of coal.