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Tesla announces $450M stock sale

By Laurie Bennett

May 16, 2013 at 7:45am

Tesla Motors announced Wednesday that it will sell 2.7 million shares of stock in an effort to raise $450 million.

Elon Musk
Elon Musk

Company chairman and CEO Elon Musk will put in $100 million of his own money.

Proceeds from the stock sale will be applied toward repayment of a $452 million loan debt to the Department of Energy.

Although Musk was a poster boy during the 2012 elections for Republican charges that the Obama administration’s support of green technologies had failed, Tesla’s stock has risen 150 percent in 2013.

Musk, who made his fortune as a co-founder of PayPal, is also chairman of SolarCity Corporation and founder of Space Exploration Technologies.

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