Tesla boosts the size of its share offering and says Elon Musk will now buy $25 million in stock

Electric car maker Tesla said in a filing Friday morning that it will boost the size of its share offering and said CEO Elon Musk will now buy $25 million in stock.

The company also said that it is bumping the total amount of convertible notes it’s offered to $1.6 billion. The latest filing brings the total equity being offered by Tesla up to 3.1 million shares following Thursday’s announcement that the company would sell 2.7 million shares.


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Wall Street’s positive reception on Thursday to Tesla’s plans to raise additional capital may have encouraged the company’s management to augment the size of the offering. Tesla shares rose 1.2% in premarket trading Friday.

In Thursday’s filing, Musk said he was willing to buy $10 million of the electric auto maker’s stock in the new offering. Before Thursday’s and Friday’s offerings, Musk owned about 20% of Tesla’s outstanding shares, worth about $12.6 billion, according to FactSet.

Source: cnbc.com | Original Link

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