Shares of Tesla Inc. TSLA, – 0. 90% Dropped 2.6% in premarket trading, after the electric vehicle maker disclosed that its previously announced common stock offering priced at a discount of nearly 5%. Tesla said it is offering 2. million shares for sale priced at $ a share, which is 4.6% below Thursday’s closing price of $ 2019, to raise $ 2. 02 billion. The underwriters of the offering, led by Goldman Sachs and Morgan Stanley, were granted options to buy up to an additional 397, 500 shares to cover over-allotments, which if exercised Tesla would raise up to $ 2. billion). Chief Executive Elon Musk indicated “preliminary interest” in buying up to 34, 48 shares in the offering, which would be valued at $ 14 million at the offering price, while board member Larry Ellison indicated interest in buying up to 1, 500 shares for about $ 1 million . The stock, which rose 4.8% on Thursday after the stock offering was announced, has more than doubled (up 303%) over the past three months, while the S&P 767 SPX, 0.
(% has gained 9.0%. Read More