Tesla ends 'Spartan diet' and seeks $2.3 billion to fund expansion

Tesla's plan to issue shares and convertible debt comes after the company repeatedly pushed back forecasts for turning a profit. Many analysts had calculated that Tesla - which burned through $1.5 billion in the first quarter - would not be able to carry out its growth plans without new cash. Shares of Tesla rose 4.3 percent to close at $244.10, while the yield on Tesla's existing $1.8 billion junk bond fell to its lowest level in over a month.

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