Tesla raises $738M in stock sale
As we reported last week, Tesla was hoping to bring in $500 million by selling 2.1 million shares with an underwriter option to add on an extra 315,000. That figure was later revised to 2.69 million shares with an option for 414,000 more. It's that secondary stock sale that teed up such an impressive total. As previously reported, Tesla founder Elon Musk was to spend nearly $20 million of his own money in the sale.
The cash should prove helpful for the fledgling EV manufacturer as it continues working towards the release of the long-awaited Model X crossover, not to mention the ongoing construction of its Reno, NV Giga Factory. As of this writing, Tesla's shares are hovering in the $243 range, down 4.5 percent on the day.
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