Elon Musk is rewriting Tesla’s fast-moving cash story AntonyMCurrie
Tesla Chief Executive Elon Musk told employees in an email on May 16 that it is important to examine every expenditure at the company, “no matter how small,” news website Electrek reported.
Chief Financial Officer Zach Kirkhorn will now review and sign every page detailing payments made by the company, while Musk will review and sign every 10th page. Musk said the approach was “hardcore ... but it is the only way for Tesla to become financially sustainable.” He said the $2.4 billion in net cash the company raised in its recent stock and convertible-bond offering only gave it approximately 10 months at the first-quarter burn rate to achieve breakeven.
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