Tesla Plans to Sell $2 Billion in Stock
February 13 2020 - 9:36AM
Dow Jones News
By Dave Sebastian
Breaking News:
*SEC Has Closed Investigation Into Tesla Projections and Public
Statements Regarding Model 3 Production Rates -- Filing
*SEC Has Issued Subpoena to Tesla Seeking Information On
Financial Data and Contracts Including Financing Arrangements --
Filing
*Justice Department Has Asked Tesla to Provide Information on
Matters Relating to Taking Tesla Private and Model 3 Production
Rates -- Filing
(Article below will update)
Tesla Inc. is seeking to raise more than $2 billion from a stock
sale, as the electric-car maker returns to capital markets amid a
rally in its share price.
In the public offering Chief Executive Elon Musk has agreed to
buy up to $10 million of stock, while board member Larry Ellison,
the founder of Oracle Corp., will also purchase up to $1 million of
the stock, Tesla said Thursday.
Tesla said it has granted underwriters an option to buy up to
about $300 million of additional stock. Shares fell 4.4% in
premarket trading.
Tesla's stock has soared more than 83% this year, much to the
chagrin of short sellers, as it has given upbeat projections about
its ability to increase production and sales and worked to convince
Wall Street that past problems are behind it.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
February 13, 2020 09:21 ET (14:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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