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Tesla gets a boost after $2.7 billion offering

Elon Musk and Model Y
Tesla CEO Elon Musk checks out the Model Y during its unveiling in March. (Tesla via YouTube)

Tesla has increased the size of its stock and bond offering to $2.7 billion, and CEO Elon Musk has raised the amount of stock he’d be buying, sparking an additional rise in the controversial electric-car company’s share price.

The company’s revised plan calls for offering almost $850 million in stock and up to $1.84 billion in convertible notes, according to filings with the Securities and Exchange Commission.

Tesla said Musk plans to buy $25 million worth of Tesla shares, which is more than twice what he committed to in previous filings.

Tesla shares closed at $255.03 at the end of the trading day on May 3, representing a 4.5 percent rise for the day. That figure is still well below the 52-week high of $387.46, however.

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By Alan Boyle

Mastermind of Cosmic Log, contributing editor at GeekWire, author of "The Case for Pluto: How a Little Planet Made a Big Difference," president of the Council for the Advancement of Science Writing. Check out "About Alan Boyle" for more fun facts.

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