Shares of Tesla Inc. TSLA, +0.73% dropped 2.6% in premarket trading, after the electric vehicle maker disclosed that its previously announced common stock offering priced at a discount of nearly 5%. Tesla said it is offering 2.65 million shares for sale priced at $767 a share, which is 4.6% below Thursday's closing price of $804, to raise $2.03 billion. The underwriters of the offering, led by Goldman Sachs and Morgan Stanley, were granted options to buy up to an additional 397,500 shares to cover over-allotments, which if exercised Tesla would raise up to $2.34 billion. Chief Executive Elon Musk indicated "preliminary interest" in buying up to 13,037 shares in the offering, , which would be valued at $10 million at the offering price, while board member Larry Ellison indicated interest in buying up to 1,303 shares for about $1 million. The stock, which rose 4.8% on Thursday after the stock offering was announced, has more than doubled (up 130%) over the past three months, while the S&P 500 SPX, +0.12% has gained 9.0%.
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February 14, 2020 at 08:37PM
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Tesla's stock drops after stock offering prices at $767, a near-5% discount - MarketWatch
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