Tesla offering priced at $244.10 per share GlobeBusiness
Tesla Inc on Friday raised the size of its planned share offering to 3.1 million shares, priced at $243 apiece, and said chief executive officer Elon Musk would now buy stock worth up to $25-million, more than double his initial commitment.
Tesla had said on Thursday it would raise up to $2.3-billion in new capital through shares and debt, easing Wall Street concerns about the money-losing company’s ability to overcome a drop in sales and build new product lines. The filing on Thursday also showed that it would offer a total of around 2.7 million shares, with Musk pitching in $10-million of his own money.Tesla’s plan to issue shares and convertible debt comes after the company repeatedly pushed back forecasts for turning a profit.
The company faces expensive challenges, including launching production in China, overhauling its U.S. retail and service operations and developing new models, including the high-volume Model Y SUV and a Semi commercial truck.Tickers mentioned in this storyDue to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience.
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