Tesla said it will use the cash to shore up its balance sheet, as well as for 'general corporate purposes". Tesla said Musk will take up around $10 million worth of stock from the sale, while board member Larry Ellison will purchase $1 million.
"The aggregate gross proceeds of the offering, assuming full exercise by the underwriters of their option to purchase additional securities, would be approximately $2.3 billion before discounts and expenses," Tesla said in a statement. "Tesla intends to use the net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes."
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