Tesla raises funds through Convertible Debt Financing

Tesla the much talked about electric roadster manufacturer finally seems to breathe a sigh of relief. Tesla announced in a press release that its Board of Directors had approved $40 million in convertible debt financing based on commitments from existing investors and that the funds will go towards getting the Roadster to customers. Elon Musk the CEO and company chairman says in the release that $40 million is more than the company needs, but that it’s important for the company to have “significant cash reserves.”

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