Today,Tesla said it would sell an additional $500 million worth of stock in order to help fund its current projects, including its battery plant under construction in Nevada.
The luxury car maker said that the net proceeds could exceed $492.6 million, but Tesla could make $566.5 million if the underwriters decide to buy additional shares.
CEO Elon Musk noted that he intends to purchase about $20 million worth of stock himself.
This announcement comes the week after the company reported a second-quarter loss. Tesla’s latest vehicle, the Model X SUV, will also launch in the coming weeks.
