Tesla said it would offer 2.65 million shares, of which Chief Executive Officer Elon Musk will buy up to $10 million in shares, while board member and Oracle co-founder Larry Ellison will purchase up to $1 million worth of Tesla shares.
Tesla's shares were down roughly 1% in morning trading, retracing losses after sliding as much as 7% in premarket trading. The stock has tripled since October when the company posted a rare quarterly profit. Its market capitalization now exceeds the combined value of General Motors Co and Ford Motor Co.
