Tesla will offer $2 billion of common stock, with Elon Musk buying as much as $10 million. Shares of $TSLA slid in premarket trading following the announcement.
Musk himself will buy as much as $10 million of stock in this offering, while Tesla board member Larry Ellison will also purchase up to $1 million. The company's offering will offer 2.65 million Tesla shares through underwriters Goldman Sachs and Morgan Stanley.
Shares of Tesla on Thursday slumped about 5% in premarket trading from its previous close of $767.29. But the stock is still well ahead of where it was as recently as December. Even accounting for the premarket moves Tesla stock is still up 109%, 219% and 135% over the last three, six and 12 months, respectively. Tesla at one point earlier in the month reached as high as $968.99.
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