Money Meet Tesla's new bondholder - Billionaire George Soros

01:56  17 may  2018
01:56  17 may  2018 Source:   reuters.com

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Amid Elon Musk's darkest hour in late March - as his stocks and bonds tumbled in price - it seems there was at least one other billionaire willing to buy the 'blood on the street'. According to the latest 13Fs, George Soros ' investment firm took a million stake in Tesla ' s convertible bonds during the first

NEW YORK (Reuters) - The investment firm founded and chaired by billionaire George Soros took a stake in Tesla Inc (TSLA.O) bonds during the first three months of the year, giving the electric carmaker run by Elon Musk a prominent supporter.

a close up of a sign: The Tesla logo is seen at the entrance to Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City© REUTERS/Brendan McDermid The Tesla logo is seen at the entrance to Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City The investment firm founded and chaired by billionaire George Soros took a stake in Tesla Inc bonds during the first three months of the year, giving the electric carmaker run by Elon Musk a prominent supporter.

Soros Fund Management LLC took a $35 million stake in the convertible bonds of Tesla, which are due in March 2019, according to filings with the U.S. Securities and Exchange Commission. A spokesman for Soros did not respond to a request for comment.

Convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares. That effectively lets an investor participate in stock-price changes, but with the yield and greater security of a fixed-income instrument.

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Musk, who like Soros is also a billionaire, has been under pressure from investors to prove the company can solve production problems, stem senior staff departures and resolve questions about crashes involving its electric cars.

At the end of March, the Tesla bonds came under severe selling pressure as the luxury automaker faced concerns about its ability to produce its cheaper Model 3 sedan. A crash involving Tesla's autopilot technology and concerns about the company's ability to raise new capital also took a toll.

On Monday, Musk told employees the company was undergoing a "thorough reorganization."

In 2016, SolarCity Corp, a debt-laden solar panel firm backed by Musk and now owned by Tesla raised $305 million by selling future cash flows for a portfolio of solar projects to a fund advised by Soros Fund Management LLC.

Soros also previously held some Tesla stock, but he sold off his stake last year.

Quarterly disclosures of hedge fund managers' stock holdings in 13F filings are one of the few public ways of tracking what managers are selling and buying.

The disclosures come 45 days after the end of each quarter and may not reflect current positions.

(Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Lisa Shumaker)

Elon Musk just dished out millions of his own money as part of his war against Tesla haters .
TeslaCEO Elon Musk took his war against short sellers to a new level on Monday, buying an additional $US9.85 million of stock in the company. The purchase came just three days after Musk taunted short sellers on Twitter - something that's become a favourite pastime of his over the past year.Elon Musk is putting his money where his mouth is - $US9.85 million, to be exact.

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