Tesla seeks to raise $2 billion through stock offering

(Reuters) – Tesla (NASDAQ:) Inc said on Thursday it plans to raise $2 billion by selling shares through a public offering.

Chief Executive Officer Elon Musk will buy up to $10 million in shares, while board member and Oracle (NYSE:) co-founder Larry Ellison will purchase $1 million worth Tesla shares.

The underwriters will get an option to buy up to $300 million in additional shares.

The electric-car maker said it plans to use the proceeds from the offering to strengthen its balance sheet and for general corporate purposes.

Goldman Sachs (NYSE:) and Morgan Stanley (NYSE:) are the lead joint book-running managers. Barclays (LON:), BofA Securities, Citigroup (NYSE:), Credit Suisse (SIX:), Deutsche Bank (DE:) Securities and Wells Fargo (NYSE:) Securities are the additional book-running managers. Societe Generale (PA:) is the acting co-manager.

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