Submitted by cweber on Wed, 2016-05-18 16:05
After hours close on Wednesday...
Tesla will sell $2 billion of its shares, the company said Wednesday.
"Tesla is offering about $1.4 billion of shares with the remaining shares to be sold by Elon Musk to cover tax obligations associated with his concurrent exercise of more than 5.5 million stock options," the automaker said in a statement.
"On a net basis, Mr. Musk will increase his overall Tesla shareholdings through these transactions."
Tesla said that it would use the capital it raises to "accelerate the ramp" of its Model 3 mass-market vehicle.