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Tesla shares fall after company announces $2 billion common stock offering

February 13, 2020


Tesla shares slid after the electric automaker said it plans a $2 billion common stock offering, just two weeks after CEO Elon Musk said it would not take advantage of its surging stock by raising more capital.

Musk himself will buy as much as $10 million of stock in this offering, while Tesla board member Larry Ellison will also purchase up to $1 million. The company’s offering will offer 2.65 million Tesla shares through underwriters Goldman Sachs and Morgan Stanley.

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