Tesla is going to raise an additional $400 million in its latest sale of stock, with co-founder and chief executive Elon Musk committing to buy an additional $15 million in shares, according to a filing with the Securities and Exchange Commission.
The electric vehicle, energy storage, and solar panel manufacturer said it will sell 3.1 million shares at $243 per share. The underwriters are jointly underwritten by Goldman Sachs and Citigroup. At the same time, the company said it would boost its convertible note offering by another $100 million.
Initially, Tesla was going to sell $2.3 billion in stock and warrants, but the new totals boost that number to $2.7 billion, with Elon Musk upping the ante of his own purchase as part of the revised deal.