Musk insists Tesla does not need more capital, predicts profit soon
Musk insists Tesla does not need more capital, predicts profit soon. Tesla will be profitable in the third and fourth quarters of this year and will not have to raise any money from investors, billionaire Chief Executive Elon Musk said on Friday, driving shares in the electric carmaker higher. The Silicon Valley car maker, which has consistently fallen short of promised production targets and is fighting bad publicity over a fatal crash of a car using its Autopilot system, said 10 days ago it would have positive cash flow from the third quarter. Musk went further on Friday in a tweeted response to a story in The Economist which cited estimates Tesla would need $2.5B to $3B this year in additional funding. Read more here.