Tesla Motors Inc. has filed Thursday for the public offering of 2.1 million shares, which will all be sold directly by the company. Chief Executive Elon Musk has indicated interest in buying 83,974 shares, or about 4% of the offering, for about $20 million, based on Wednesday’s closing price of $238.17. The electric car maker plans to use the proceeds, which it estimates to be about $492.6 million, to accelerate the growth of its business in the U.S. and internationally, and for the development and production of its Model 3 vehicles and the Tesla Gigafactory, as well as other general corporate purposes. The stock, which gained 0.9% in premarket trade, has climbed 7.1% year to date through Wednesday, while the S&P 500 has edged up 1.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News