Elon Musk dreams big dreams. Tesla Inc. taps Wall Street for funds to turn them into reality. Banks pocket millions in fees. And rather than punish the company for diluting its shareholders, the market applauds.
The virtuous circle has enabled Tesla to raise about $14 billion over the last decade, supporting the electric-car maker through countless ups and downs. News of the latest offering -- which priced at $767 a share, according to a regulatory filing -- boosted Tesla’s market capitalization to almost $146 billion, behind only Toyota Motor Corp. among the world’s most valuable auto manufacturers.