Tesla Receives Another $40M to Keep Going
November 4, 2008 by admin · Leave a Comment
It’s not been smooth sailing for Tesla Motors lately, starting with a staff layoff and an ouster of its CEO a little over two weeks ago and followed by reports that the company had only $9 million left in the bank. However lead investor and new CEO, Elon Musk has made good on his promise to find more funding for the company, raising $40 million from existing investors.
A simple press release came out last night highlighting the fact that the funding is for convertible debt, not equity. That means the investors will have the option to convert their money to shares in the company later, depending on valuation — but for now, it seems that one side or the other is uncomfortable quantifying precisely what Tesla is worth. Read more
