Information available in regulatory filling have differed with this tweet. On another note, Musk has also tweeted about an expected unveiling of SolarCity Corp’s solar energy system on October 17. Let’s hope all his surprises are pleasant.
Contradicting a regulatory filing made last week by Tesla Motors Inc., Elon Musk, the company’s CEO has stated that Tesla Motors will not need to raise its corporate debt or its equity in the fourth quarter, for its planned acquisition of SolarCity Corp.
When asked, on Twitter, whether the company will raise funds on the first quarter of 2017, Musk tweeted back saying, “Probably not then either.”
When requested to report on this comment, Tesla’s spokeswoman said, the company would not comment beyond Musk’s tweets.
However, according to a filing with the SEC on Friday, Tesla Motors said, it “is currently planning to raise additional funds by the end of this year, including through potential equity or debt offerings, subject to market conditions and recognizing that Tesla cannot be certain that additional funds would be available to it on favorable terms or at all.”
As of June 30, according to financial statements of both companies, Tesla Motors and SolarCity had a combined $3.3 billion in cash and cash equivalents. However, the Tesla Motors had also reported that it needs to pay $426 million to holders of convertible debt securities in the third quarter.
Furthermore, Tesla’s disclosure also showed that June 30 cash position included $678 million drawing from a credit line that is to be repaid in July.
In a different Twitter message, Musk wrote, “Tesla product unveiling on the 17th (unexpected by most), followed by Tesla/SolarCity on the 28th.”
This can be better understood in the background of another tweet wherein Musk had written about his plans on unveiling a new SolarCity solar energy system, which he went on to describe as a solar roof with an integrated energy storage battery, all of which is produced by Tesla Motors Inc.
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