Plus   Neg

Tesla To Offer $2 Bln Stock In Public Offering; Discloses Subpoena From SEC

Tesla, Inc. (TSLA) said it intends to offer approximately $2 billion of common stock in an underwritten registered public offering. The company plans to use the net proceeds to further strengthen its balance sheet, as well as for general corporate purposes.

Elon Musk, Tesla's CEO, will purchase up to $10 million of common stock under the offering. Larry Ellison, a member of Tesla's Board, will purchase up to $1 million of common stock.

Tesla, in a filing, stated that the SEC issued a subpoena in December seeking information from company concerning certain financial data and contracts including Tesla's regular financing arrangements. Separately, the DOJ also asked the company to provide the information.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lowe's (LOW) is temporarily increasing wages of its employees. The latest move by the hardware retailer is to help its employees cope with the economical effects caused by the ongoing COVID-19 pandemic. The company has hiked salary by $2 per hour for all full-time, part-time, and seasonal hourly associates,... Amazon.com Inc. (AMZN) Founder and CEO Jeff Bezos is donating $100 million to food banks across the U.S. to support poor people who cannot afford food during this coronavirus crisis. Bezos made a $100 million gift to Feeding America, one of the largest U.S. nonprofit focused on food security. Feeding... Facebook on Thursday shared an update on its $100 million small-business grants program announced in March, saying that it will provide $40 million in grants to 10,000 U.S. small businesses that were impacted by the coronavirus pandemic. In March, the social media giant said it is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses.
Follow RTT