It isn’t even two weeks that Tesla CEO Elon Musk said it "didn't make sense" to raise money, and now the company has plans to raise $2 billion in new common stock.
Out of the new offering, Musk will purchase as much as $10 million of stock, while Tesla board member Larry Ellison will buy up to $1 million.
Tesla will offer 2.65 million Tesla shares, and expects the sale to generate gross proceeds of $2.3 billion before discounts and expenses.
The company indicated that proceeds from the equity issuance would be used for bolstering its balance sheet as well as for 'general corporate purposes".