Tesla share sale raises more than its IPO
Tesla Motors Inc. announced Friday that its follow-on share sale priced at $28.76, the stock's Thursday closing price and higher than initially anticipated.
Palo Alto-based Tesla (NASDAQ:TSLA) shares rose about 5 percent on the news, closing the week at $30.13.
The electric carmaker is raising the money to help develop its crossover Model X SUV.
The shares were expected to price at $26, and the $234 million total Tesla is raising this week is more than the company raised in its IPO.
Tesla also said CEO Elon Musk will buy fewer shares than expected in a private offering and an affiliate of Daimler AG will buy more.
Musk will now buy 1.42 million shares instead of the previously announced 1.5 million. Daimler affiliate Blackstar Investco will buy 637,475 shares.
Read more in the Silicon Valley / San Jose Business Journal.
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