5/3, 1:22 PM (Source: TeleTrader)
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Chart for: Tesla, Inc.

Tesla lifts share offering size, Musk to buy $25M in stock

American automotive giant Tesla Inc. announced on Friday it is boosting its share offering size to 3.1 million shares, according to the company's filing. Earlier this week, the tech firm said it will put 2.7 million shares for sale. The company also said that its convertible bond offer size was also increased to $1.6 billion.

Meanwhile, Tesla's CEO Elon Musk is set to purchase $25 million in shares. The figure is significantly higher from the $10 million in stock he said he was willing to buy earlier in the week. Reportedly, Musk currently owns around 20% of the company's outstanding shares, which amounts to approximately $12.6 billion.

Following the news, Tesla's shares rose 1.23% during the premarket trade on Wall Street.

Breaking the News / VK