Billionaire liberal financier George Soros is buying up tens of millions of dollars in Tesla stock as the electric automaker struggles to produce an inexpensive vehicle for the everyday man.
Soros Fund Management purchased $35 million worth of bonds in the company that can be converted into common stock over time, according to a Securities and Exchange Commission (SEC) filing released Tuesday. The massive infusion comes as CEO Elon Musk works to restructure Tesla’s upper management.
Tesla, a 15-year-old automaker built around mass-producing electric cars, relies heavily on debt markets to raise money. The Silicon Valley juggernaut raised $1.8 billion in 2017 during its first go-around in the “junk” bond market. Wall Street analysts worry Tesla will have to jump back into that trough if it wants to remain stable. – READ MORE