Tesla is selling approximately $500 million in stock, or 2.1 million shares of common stock.
The company has stated that CEO Elon Musk is interested in buying around 84,000 shares, or $20 million of this offering.
Tesla announced that it plans to use the majority of the proceeds from this offering to develop its Gigafactory and continue building out the company’s supercharger network.
The idea of Musk throwing $20 million of his own into the offering seems to have resulted in an enthusiastic response from Tesla’s shareholders, who have yet to have a reason not to trust Elon and what he is doing with his company.
For now, the market is responding positively.