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Musk's Joke Falls Flat Amid Tesla Model 3 Output Risk, Cash Burn

  • Jefferies sees need for up to $3 billion capital raise
  • CEO told workers weekly Model 3 rate may pass 2,000: Jalopnik
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Bloomberg’s Craig Trudell discusses tweets from Musk amid issues for Tesla surrounding Model 3 production.(Source: Bloomberg)
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Tesla Inc. investors aren’t laughing after Elon Musk’s April Fools’ Day joke about bankruptcy, with the automaker’s cash reserves at risk amid the months-long struggle to build the critical Model 3 sedan.

After the steepest monthly drop in more than seven years, Tesla shares fell as much as 8.1 percent on Monday, while unsecured bonds the company issued in August traded near record intraday lows. Analysts widely expect the company to soon report that Model 3 production trailed its projection of 2,500 units during the last week of March.