Tesla is Raising $2 Billion in Funding Two Days After Elon Musk Said It Didn’t Need To

Musk will buy up to $10 million of the new shares, with board member Larry Ellison buying $1 million. February 13, 2020 3 min read This story originally appeared on Business Insider Tesla said on Thursday it plans to raise $2 billion by selling shares through a public offering, just two weeks after Chief Executive Officer Elon Musk said the company wasn’t looking to raise fresh funding.  Musk will buy up to $10 million in shares from the new offering, while board member and Oracle cofounder Larry Ellison will purchase $1 million worth Tesla shares. The underwriters will get an option to buy up to $300 million in additional shares. On the company’s fourth-quarter earnings call on January 29, Musk said it “doesn’t make sense” to raise capital given Tesla’s current state.  “We’re actually spending money as quickly as we can spend it sensibly,” he said in response to an investor question. […]

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