Tesla to Sell 6.8M Shares to Pay For Model 3 Production Ramp
Tesla says it will sell 6.8 million shares which will net the company roughly $1.4 billion in proceeds to ramp up Model 3 production.
Shares of Tesla (TSLA) - Get Report are moving lower in after-hours trading on Wednesday after the electric car maker said it would sell more stock to raise money to ramp up production of the Model 3. Tesla says it will sell 6.8 million shares (at Wednesday's closing price that will net the company roughly $1.4 billion. In the SEC filing, Tesla also said that founder Elon Musck will sell 2.7 million shares to pay taxes on options that are set to expire in December. TheStreet's Scott Gamm reports from Wall Street.
