Elon Musk puts his money where his mouth is, again

Tesla Motors CEO Elon Musk is putting his money where his mouth is, again.

Tesla is offering 2.7 million shares of common stock and $450 million in convertible senior notes as part of an effort to raise nearly $830 million. Tesla will use the new cash to pre-pay Tesla’s outstanding loan with the Department of Energy and for “general corporate purposes.” Musk himself will lead the offering and plans to purchase $100 million.

Tesla has been on a roll: the company reported its first quarterly profit and got a rave review in Consumer Reports.

 

 

Dana Hull Dana Hull (208 Posts)

Dana Hull covers clean technology and energy policy for the San Jose Mercury News. She often writes about electric vehicles, the smart grid, the solar industry and California energy policy, from RPS goals to Gov. Jerry Brown's big dreams for distributed generation.