Tesla plans a $2 billion offering amid a stock boom despite CEO Elon Musk telling investors that the company didn't need Wall Street's help
- Tesla Inc on Thursday announced plans to raise $2 billion in a stock offering, tapping into an astronomical jump in its share price over the past few months and reversing the electric-car maker’s often-stated policy of avoiding sales of new stock.
Musk has repeatedly assured investors that Tesla will not need to raise more money for costly initiatives including production of a new vehicle model, the ramp-up of its China production and the construction of its first European factory. The decision to raise money will come as a shock to some investors following Musk’s previous comments, Wedbush analyst Daniel Ives said in a note.
The company said it plans to use proceeds from the offering to strengthen its balance sheet and for general corporate purposes.
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