Tesla shares pop on plan to raise $2 billion from investors, including CEO Elon Musk.
GP: Elon Musk, chief executive officer of Tesla Inc., speaks during an event at the site of the company's manufacturing facility in Shanghai, China, on Monday, Jan. 7, 2019.said in a filing on Thursday that it would raise up to $2 billion, with $650 million coming in the form of new equity and $1.35 billion in convertible notes.signaled the intent to buy about $10 million of the company's stock in the new offering. The total equity offering is for 2.7 million shares of Tesla.
Tesla shares fell earlier in premarket trading when the company put out an initial filing indicating it would be offering a mix of debt and equity securities. The stock then reversed course and was last trading 5.7% higher when a second filing revealed details of the offering, including Musk's interest in buying a block of the new shares.
Shares of the controversial electric automaker have been under pressure lately, down nearly 30% from the beginning of the year. The stock's surge following the filing came from "the fact that they ripped off the band aid and decided to raise the capital," Dan Ives, managing director of equity research at Wedbush Securities, told CNBC.
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