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
Latest posts by ET Energy World (see all)
- Electric surge to require flexible power systems: IEA - November 13, 2018
- Coal India Q3 net profit up 4 pc at Rs 3,004 cr - November 13, 2018
- Oil India second-quarter profit rises over 33 per cent, but misses estimates - November 12, 2018