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So Teslas may pick up a bit of a German accent. But don't expect the cars to be sold at Mercedes dealerships anytime soon. "In major markets, I want to control that customer experience," says Musk.
It was $40M convertible debt, which is like a loan that transforms into an investment.Was the last round Tesla got an investment or a bridge loan? 20mil was it?
The last two times Tesla raised money for itself was through convertible debt financing. Musk led each of those $40 million raises.
Someone familiar with the terms of the convertible debt tells us there was a trigger in place that stipulated the debt converts to equity if Tesla raised an additional round at $50 million or above.
What would you have said to me if 2 years ago I told you that by the end of 2009 Tesla would have a higher market cap than GM?
I see several people also noticed the major markets bit. And personally I agree with Musk on this. It's a bit like Apple, they've got big major Apple stores and also their product displayed on more generic electronics stores. Especially as a way to extend your dealer network to smaller towns this sounds like an excellent option. Especially if a small Mercedes dealer can order and handle Tesla's without actively selling them.
Cobos
Daimler, based in Stuttgart, turned to Hughes Hubbard & Reed on the deal. The firm's relationship with Daimler extends to a previous relationship with Chrysler Financial dating back more than a decade, according to lead M&A partner Kenneth Lefkowitz. Hughes Hubbard began representing DaimlerChrysler Financial Services after Daimler bought Chrysler in 1998.The client eventually became Daimler Financial Services when Chrysler was sold off to Cerberus Capital Management in 2007.
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Tesla was advised by Silicon Valley stalwart Wilson Sonsini Goodrich & Rosati. Corporate securities partner Mark Baudler and IP partner Selwyn Goldberg served as lead outside counsel to Tesla. Name partner and firm chairman Larry Sonsini sits on Tesla's board of directors.
May 21 (Bloomberg) -- Daimler AG’s purchase of a 9 percent stake in Tesla Motors Inc. leaves co-founder Martin Eberhard wondering whether the electric-car startup is really worth almost half the market value of General Motors Corp.
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“It’s sort of amusing to see the valuation being half of General Motors,” Eberhard said in an interview today. “There always seems to be this huge disparity between the stock price of high-growth Silicon Valley companies and blue-chip companies that are reasonably mature.”
Eberhard said his stake is less than 5 percent.
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The Model S sedan will have three versions with list prices ranging from $50,000 to $70,000, Eberhard said. Now, having developed a styling prototype for the sedan, Tesla must still create a factory and tooling for the new car as well as crash- test it, Eberhard said
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The probable bankruptcy filing by GM means that its market value and Tesla’s are “not really comparable” said Marc Tarpenning, who co-founded Tesla with Eberhard. Still, he said that as “a shareholder, I think it’s a spectacular valuation.”
Tarpenning formerly served as Tesla’s vice president of engineering and continues to hold a stake in the company.
“If you are going to be raising money, clean tech is one of the few things people are actually writing checks for,” he said.
...47 percent as much as GM based on today’s stock price as the automaker faces a probable June 1 bankruptcy...