Tesla Inc Chief Executive Elon Musk personally owes $507 million to Wall Street ...
SAN FRANCISCO - Tesla Inc Chief Executive Elon Musk personally owes $507 million to Wall Street banks involved in Tesla’s stock and debt sale, backed by his stake in the electric car maker, a company filing showed on Thursday.
Still, Tesla said that if the price of its stock falls and the banks force Musk to sell some of his shares, that could create additional pressure on the stock. Those loans are backed by Musk’s shares in Tesla, currently worth a total of around $8 billion. If Tesla’s stock declines, then Musk could be forced to sell some of those shares under terms of the loan, according to the Tesla filing.
Goldman and Citigroup Inc, the top-line book runners in Thursday’s capital raise, both have “sell” ratings on Tesla’s stock, which is unusual but not exceptional on Wall Street.
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