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Expand chart
Data: FactSet; Chart: Naema Ahmed/Axios

Tesla's convertible bond payment is due today, and the bonds won't convert to equity. Shareholders won't be crying.

Why it matters: If Tesla was going to issue dilutive new equity, it would want to do so in a way that actually brings in cash for the company.

By the numbers:

  • Tesla's $920 million in convertible senior notes expire at a conversion price of $359.87 per share.
  • Tesla shares are well below the conversion price, so the company will have to pay that debt in cash.

Details: The company had $3.7 billion in cash on its books at the end of last year, WSJ notes, including existing deposits. Tesla also had more than $5 billion in accounts payable and accrued liabilities along with nearly $10 billion in long-term debt, not including today's convertible bond payment.

Between the lines: When Tesla's 2019 bond was trading over par in late 2014, the stock wasn't anywhere near the $360 conversion price.

Go deeper: Tesla launches $35,000 Model 3 while moving to online-only ordering

Go deeper

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Friday had already reached 61.7% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.