Tesla Plans to Sell $2 Billion of Stock
May 18 2016 - 5:10PM
Dow Jones News
Tesla Motors Inc. announced plans to offer about $2 billion of
stock, the proceeds from which will help to cover production costs
for the newly revealed Model 3 and tax obligations for Chief
Executive Elon Musk.
Tesla is offering about $1.4 billion of shares, with the
remaining shares to be sold by Mr. Musk to cover the tax bill from
his exercising of more than 5.5 million stock options.
Following the transactions, Mr. Musk will increase his overall
holdings of Tesla stock.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 18, 2016 16:55 ET (20:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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