As Tesla Raises Capital, Elon Musk Doubles Down

As Tesla Raises Capital, Elon Musk Doubles Down - Forbes
Tesla announced it will sell 2.7 million shares and $450 million in convertible senior notes that holders will be able to convert into cash or common stock. Musk intends to purchase $45 million worth of the common stock offering — a bit more than 500,000 shares at Wednesday’s prices — and spend another $55 million to buy stock directly from Tesla in a subsequent private placement. He already owns 27 million shares, or 23.6% of the outstanding stock. One use for the new capital will be to pay off, with interest, the balance of a $465 million federal loan from the U.S. Department of Energy.