Tesla Plans to Raise $1.15 Billion in Stock and Debt

Posted by at 9:18 am on March 16, 2017

Tesla plans to raise as much as $1.15 billion in stock and debt to aid in the launch of the Model 3, its first mass market car.

The EV company announced Wednesday it will offer $250 million in common stock and $750 million in convertible debt, with an option for its underwriters to buy up another 15% of the two offerings.

Elon Musk, Tesla’s CEO, will purchase $25 million of the stock.

Tesla’s stock rose 2% in after hours trading Wednesday following the announcement.

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