By Jon LeSage Tesla has been able to raise more funds than originally expected to back the launch of the Model 3 later this year.
The electric automaker raised about $1.2 billion on Friday, about 20 percent more than had been planned by the company. That capital came through about $350 million in common shares and another $850 million through the sale of convertible debt.
The company sold 1.3 million common shares at $262 per share to raise the $350 million. About $850 million came through the sale of convertible senior notes that are due in 2022.
CEO Elon Musk had been floating the idea of
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