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.
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. Read More
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