Hyperdrive
Tesla Plans $2 Billion Offering as Elon Musk Seizes on Stock Surge
- Proceeds will help cover up to $3.5 billion capex budget
- CEO said two weeks ago that capital raise didn’t make sense
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Tesla Inc. is selling about $2 billion of common stock, taking advantage of its surging shares just two weeks after Elon Musk said raising capital didn’t make sense.
Assuming underwriters exercise their option to purchase additional securities, the offering could bring in about $2.3 billion in proceeds, Tesla said in a statement. That will help fund as much as $3.5 billion in capital expenditures this year, a plan the company disclosed less than an hour earlier in a regulatory filing.