PALO ALTO (CBS SF) — Tesla raised a whopping $738 million in a recent stock sale, netting the electric carmaker more than $200 million more than they had estimated.
According to an SEC filing, Tesla estimated the net proceeds from the offering at $738.3 million after deducting underwriting discounts, commissions, and other expenses.READ MORE: Wild Fan Celebration Erupts Following San Francisco 49ers Last-Second Playoff Win
CEO Elon Musk announced that he was planning to get in on the action with a $20 million purchase of shares.READ MORE: Officials Warn Waves, Rip Currents Expected to Be Dangerous Through Monday
Wall Street had been expecting the move after Musk announced during a second quarter earnings call that raising capital for the company would be valuable “as a risk reduction measure.”
Palo Alto-based Tesla will begin shipping the Model X SUV, its third vehicle, in early 2016.MORE NEWS: UPDATE: Wind-Whipped Wildfire Near Big Sur Forces Evacuations; 'Some Pretty Surreal Fire Behavior'
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