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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Tesla shifted gears Thursday and said it would issue new shares to raise fresh cash, as the electric carmaker responded to the coronavirus epidemic impact on its Shanghai factory and the China car market. Tesla plans to raise slightly more than $2 billion by issuing 2.65 million shares of common stock, according to a filing with the US Securities and Exchange Commission. Tesla founder and chief executive Elon Musk plans to buy $10 million worth of the newly minted shares, and board member Larry Ellison, founder of Oracle, is interested in buying $1 million worth of the shares, according to the filing. The electric carmaker said it will use the net proceeds from this offering to strengthen its balance sheet and for company operations. The move came after Tesla's Shanghai facility was temporarily closed as part of efforts to battle a deadly coronavirus outbreak. The factory is the company's first outside the United States and a key step forward in Musk's strategy of going global. Tesla shares rose five percent on the news in the wake of volatile trading in recent weeks that has seen the company's market value more than double in the past two months. "The bulls -- which we agree with -- will say this essentially rips the Band-Aid off and takes the doomsday cash crunch scenario some predicted down the road now off the table," Wedbush analyst Daniel Ives said in a note to investors. "We believe it's a smart move." On a recent earnings call, Tesla executives told analysts the company didn't see a need to raise capital. Tesla warned in the filing that its shares have gone as high as $968.99 per share to as a low of $176.99 during the past 52 weeks. The document noted that Tesla shares may still be subject to "short sellers" betting that shares decline. Musk presented the first batch of made-in-China cars to consumers last month in a milestone for the company's new Shanghai "giga-factory" but which came as sales decelerated in the world's largest electric-vehicle market. gc/rl
schema:headline	Tesla shifts gears with plans to issue more shares
schema:mentions	Tesla Model 3 Elon Musk United States China Coronavirus Severe acute respiratory syndrome coronavirus 2 Band-Aid Larry Ellison The Factory Common stock Balance sheet Oracle Corporation The Move Shanghai Stock Exchange
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-02-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	69 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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