Tesla unveils plans to raise about $2 billion of cash (TSLA)


Elon Musk

Tesla is raising cash.

The electric-car maker on Thursday revealed plans to sell a combination of stock and debt to raise about $2 billion of cash. 

Tesla plans to sell 2.72 million shares and $1.35 billion worth of notes, the automaker said in a filing out Thursday morning. Shares ended Wednesday’s session at a more than two-year low of $234.01 apiece, meaning the sale of 2.72 million shares would generate about $653,000. Combined with the debt offering, the company would raise about $2 billion. 

Thursday’s announcement comes about two weeks after Tesla announced a wider-than-expected first quarter loss. 

This story is developing. Check back for updates. 

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