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Tesla losing streak ends after Elon Musk promises not to seek more cash

Elon Musk’s promise that Tesla Motors Inc. would forgo raising more money this year pushed shares of the electric-car maker higher on Monday, even though the chief executive’s statement contradicted a recent company filing.

Musk, who is also the chairman of SolarCity Corp. SCTY, +4.87% , said Sunday on Twitter that Tesla TSLA, +2.21% and the residential solar-power provider have no need for extra cash to see their proposed merger through:

Would also like to correct expectations that Tesla/SolarCity will need to raise equity or corp debt in Q4. Won’t be necessary for either.

— Elon Musk (@elonmusk) October 9, 2016

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