Tesla is going to raise an additional $400 million in its most recent sale of stock, with co-founder and chief executive Elon Musk committing to buy an additional $15 million in shares, according to a filing with the Securities and Exchange Commission.
The electric vehicle, energy storage and solar panel manufacturer said it will sell 3.1 million shares at $243 per share. The underwriters are jointly underwritten by Goldman Sachs and Citigroup . At exactly the same time, the company said it would boost its convertible note offering by another $100 million.
Originally, Tesla was going to sell $2.3 billion in stock and warrants, but the new totals boost that amount to $2.7 billion, with Elon Musk upping the ante of his own buy as part of the revised deal.
The business said that Musk would boost his buy as part of the sale of stock from $10 million to $25 million.
News of the increased share sale, revised just 1 day after Tesla announced that it would turn to capital markets to raise more money, comes despite its report of a rocky first quarter, just 1 week ago.
Zachary Kirkhorn even called ldquo, it &;one in Tesla’s history.
Tesla dropped $702 million in the first quarter of this year, but its challenges and money limitations harbor ’t investor appetite for shares in the stock.
Buy Tickets for every event – Sports, Concerts, Festivals and more buy tickets