of common stock, taking advantage of its surging shares just two weeks after Elon Musk said raising capital didn’t make sense. Assuming underwriters exercise their option to purchase additional securities, the offering could bring in about $2.3 billion in proceeds, Tesla said in a statement. That will help fund as much as $3.5 billion in capital expenditures this year, a plan the company disclosed less than an hour earlier in a regulatory filing. Tesla shares climbed 4.
8% on Thursday after analysts said the offering will both shore up the company’s balance sheet and support Musk’s plans for growth. The stock has more than tripled since the company released the first of two straight positive earnings reports in October. The offering is a sudden turnabout for Musk, 48, who said during an earnings call two weeks ago that Tesla could fund itself without Wall Street’s help.
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