Elon Musk owes $507 million to banks helping Tesla raise capital

Tesla chief executive Elon Musk personally owes $507 million to Wall Street banks involved in Tesla's stock and debt sale.The lending was disclosed in Tesla's prospectus on Thursday to raise up to $2.3 billion with new shares and convertible debt, and it was $117 million less than the personal loans to Musk disclosed in Tesla's previous prospectus in 2017.Tesla said that if the price of its stock falls and the banks force Musk to sell some of his shares, that could create additional pressure on the stock.Visit BusinessInsider.com for more stories.SAN FRANCISCO (Reuters) - Tesla chief executive Elon Musk personally owes $507 million to Wall Street banks involved in Tesla's stock and debt sale, backed by his stake in the electric car maker, a company filing showed on Thursday.The lending was disclosed in Tesla's prospectus on Thursday to raise up to $2.3 billion with new shares and convertible debt, and it was $117 million less than the personal loans to Musk disclosed in Tesla's previous prospectus in 2017.Still, Tesla said that if the price of its stock falls and the banks force Musk to sell some of his shares, that could create additional pressure on the stock.Tesla jumped over 4% after the company disclosed capital raising plans, which soothed investors' recent concerns about the Palo Alto, California company and pulled its stock up from two-year lows.Musk, who owns 20% of Tesla, has taken personal loans from Wall Street banks for years. A Tesla 2017 prospectus showed $624 million in loans to Musk.The filing on Thursday showed Musk owed money to three banks working on the capital increase.Goldman Sachs has $213 million in loans outstanding to Musk, while he owes Morgan Stanley $209 million, and another $85 million to Bank of America Corp. Goldman was not mentioned as a personal lender to Musk in the 2017 filing.Read more: Millennials are pouring into Tesla's stock following the electric-car maker's disastrous quarterThose loans are backed by Musk's shares in Tesla, currently worth a total of around $8 billion. If Tesla's stock declines, then Musk could be forced to sell some of those shares under terms of the loan, according to the Tesla filing.Mark Williams, a professor of finance at Boston University, said that investment banks can run into conflicts of interest with their deals with companies, their founders and CEOs, testing their rules to keep different businesses separate.“This is particularly true in the case of Tesla where you have an aggressive and vocal CEO who is prone to pushing the legal limits and gain terms that might run counter to Goldman's conflict of interest policies,” Williams said.Goldman and Citigroup Inc, the top-line book runners in Thursday's capital raise, both have “sell” ratings on Tesla's stock, which is unusual but not exceptional on Wall Street.At the end of 2018, Musk and his trust had 13.4 million Tesla shares pledged as collateral for personal debts, according to another filing. That is down from 13.8 million shares at the end of 2017.Tesla, Morgan Stanley and Goldman Sachs declined to talk about the loans. Tesla has a policy that caps executives' borrowings at a quarter of the value of the shares pledged as collateral.With Tesla repeatedly pushing back forecasts for turning a profit, its stock has dropped 27% year to date.Musk plans to buy another $10 million worth of shares as part of the sale announced on Thursday.Reporting by Noel Randewich in San Francisco, additional reporting by Elizabeth Dilts, Kate Duguid and Lauren Tara LaCapra in New York; Editing by Lisa Shumaker

特斯拉首席执行官埃隆•马斯克（Elon Musk）个人欠涉及特斯拉股票和债券出售的华尔街银行5.07亿美元。周四特斯拉的招股说明书披露了这笔贷款，用新股和可转换债券筹集了高达23亿美元的资金。它比马斯克2017年特斯拉上一份招股说明书中披露的个人贷款少了1.17亿美元。特斯拉表示，如果其股票价格下跌而且银行迫使马斯克出售部分股票，这可能会给该股带来额外压力。更多故事访问BusinessInsider.com。旧金山（路透社） - 特斯拉首席执行官埃隆马斯克个人向华尔街银行欠下5.07亿美元，这些银行涉及特斯拉的股票和债券出售，这得益于他在电动汽车制造商的股份，一家公司的文件显示星期四，特斯拉的招股说明书披露贷款，以新股和可转换债券筹集高达23亿美元，比特斯拉披露的马斯克个人贷款少1.17亿美元。特斯拉表示，如果其股票价格下跌且银行迫使马斯克出售部分股票，这可能会给该股带来额外压力。该公司披露融资计划后，该公司股价上涨超过4％这缓解了投资者近期对加利福尼亚州帕洛阿尔托公司的担忧，并将其股价从两年来的低点上调。拥有特斯拉20％股权的莫斯克多年来一直从华尔街银行获得个人贷款。特斯拉2017年的招股书显示，向马斯克提供了6.24亿美元的贷款。周四提交的文件显示，马斯克向三家银行拖欠资金负担.Goldman Sachs向马斯克提供了2.13亿美元的贷款，而他欠摩根士丹利2.09亿美元的贷款。向美国银行提供8500万美元。高盛在2017年提交的文件中没有被提及作为马斯克的个人贷款人。更多信息：千禧一代在电动汽车制造商的灾难性季度之后涌入特斯拉的股票。这些贷款由马斯克在特斯拉的股票支持，目前价值总计约8亿美元离子。根据特斯拉提交的文件，如果特斯拉的股票下跌，那么马斯克可能被迫以贷款条款出售部分股票。波士顿大学金融学教授马克·威廉姆斯表示，投资银行可能会遇到利益冲突。他们与公司，他们的创始人和首席执行官达成交易，测试他们的规则，以便将不同的业务分开。“在特斯拉的案例中尤其如此，你有一个积极和有声望的CEO，他倾向于推动法律限制并获得可能的条款与高盛的利益冲突政策背道而驰，”威廉姆斯表示。戈德曼和花旗集团是周四筹资的顶级股票买家，他们都对特斯拉的股票进行了“卖出”评级，这在华尔街并不常见但并不例外。据另一份文件显示，截至2018年底，马斯克及其信托公司已将1340万特斯拉股份质押作为个人债务抵押品。这比2017年底的1380万股下降.Tesla，摩根士丹利和高盛拒绝谈论这些贷款。特斯拉制定了一项政策，将高管的借款限制为抵押股份价值的四分之一。随着特斯拉多次推迟转变利润预期，其股价今年迄今已下跌27％.Musk计划再购买1000万美元作为周四宣布的销售活动的一部分，股票价值。由Noel Randewich在旧金山报道，Elizabeth Dilts，Kate Duguid和Lauren Tara LaCapra在纽约的补充报道;由Lisa Shumaker编辑