Tesla's stock reclaims a key level after the electric-car maker ups the size of its capital raise

📆 5/3/2019 6:35 PM
📰 BusinessInsider

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Tesla's stock has reclaimed the key $250 support level after the company announced it was increasing the size of its capital raise.

The electric-car maker said it will now raise $2.7 billion, through the sale of 3.1 million shares of its stock and the issuing of $1.6 billion worth of convertible notes. On Thursday,. CEO Elon Musk also raised the the amount he would personally invest in the offering from $10 million to $25 million.

"A clear, albeit short term positive for 2 reasons: 1) it alleviates the very pressing issue of shoring up Tesla's balance sheet for the near future, and 2) it eliminates the fringe"can't raise due to SEC investigation" camp ," Evercore ISI's Arndt Ellinghorst wrote following Thursday's announcement.

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They ought to raise 420billion. If they are to supply the UK with electric ⚡️ autos

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