Jerking off the dog to feed the cat.
Elon Musk, short on cash, keeps borrowing more and more money even as Tesla stock surges
BY BLOOMBERG NEWS
ORIGINALLY PUBLISHED: FEB 14, 2020
Elon Musk has tapped banks for loans, using his stake in Tesla as collateral.
Aly Song/Reuters files
Tesla Inc. may be selling more stock to help fund its global expansion, but its billionaire chief executive officer is taking a different approach for his personal cash needs: he’s borrowing it.
Elon Musk has US$548 million in personal loans from Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp., according to a regulatory filing Thursday, an increase of about 8 per cent since Tesla’s previous disclosure in May.
Tesla will sell about US$2 billion of common stock to help fund capital expenditures, the electric-vehicle maker said in the filing. Musk, 48, and fellow billionaire Larry Ellison, a member of the company’s board, have vowed to personally purchase US$10 million and US$1 million of shares, respectively