Tesla raises goal in capital hunt and Musk doubles down
Tesla ups the size of its stock and debt offering to as much as $2.7b
DETROIT. Tesla is increasing the amount of money it will attempt to raise to as much as $2.7 billion.
The Palo Alto, California, electric car and solar panel maker said on Friday that it’s increasing the offer due to the response from Thursday’s announcement that it would try to raise $2.3 billion.
Also, CEO Elon Musk more than doubled the amount of stock he would buy from $10 million, to $25 million.
The offer was detailed in a filing on Friday with US securities regulators. It includes up to $1.84 billion in notes that pay 2 per cent annual interest and convert to Tesla common stock in 2024. Also included are more than 3.5 million new shares.
The new numbers include underwriting brokers exercising their full options to buy additional notes and shares.
