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Tesla Stock Sale Garners $738 Million
Tesla Motors Inc. says in a regulatory filing it has sold 3.1 million in new shares at $242 each, generating some $738 million as it readies its Model X electric crossover for launch this autumn.
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Tesla Motors Inc. says in a regulatory filing it has sold 3.1 million in new shares at $242 each, generating some $738 million as it readies its Model X electric crossover for launch this autumn.
The offering, which was announced and quickly expanded last week, involved nearly 2.7 million shares with options for the six underwriters to buy another 414,200 shares.
Tesla says Goldman Sachs Group is acquiring nearly 1.2 million of the 3.1 million shares. Morgan Stanley will buy about 962,000 shares. CEO Elon Musk, who owns 22% of the company, indicated last week he would spend $20 million to gain 82,600 shares.
Musk indicated last month the company might make a stock offer to bolster its cash cushion. The funds will be used in part to continue construction of Tesla's battery "gigafactory" outside Reno, Nev., and further develop the company's Model 3 electric sedan due in 2017.
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