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.