Tesla raised a crazy $738 million in recent stock sale

Tesla raised a crazy $738 million in recent stock sale

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Tesla was able to raise $738 million from their recent stock sale Wednesday. Because the regulatory filings were far higher than the original estimates, even Tesla was surprised. This will definitely help Tesla place cars like the Model X and Model 3 on track for production.

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Tesla Motors originally hoped to get $500 million last week. That number later bolooned to $650 million. Just 24 hours later, Tesla agreed to sell more shares capturing nearly three-quarters of a billion dollars. The second stock sale included Goldman Sachs and  Morgan Stanley, JPMorgan Chase, Deutsche Bank, Bank of America and Wells Fargo, which explains which deep pockets the money came from.

To put things into perspective, Tesla Motors has about 2.7 million shares. Just over 400,000 of those shares went to the underwriters recently. Even Tesla’s own CEO Elon Musk planned to spend $20 million of his own money in the deal, so it must have been a great deal.

The company plans to spend the majority of the money to help build their massive battery factory. The company is planning to introduce its SUV Model X next month and unveil the Model 3 soon. Rumors are also spreading of a new Tesla Roadster or what we would call the Model R in the making, so there is big plans that Tesla has underway.

TheStreet