Tesla shares rose slightly on Thursday after the electric auto maker said it plans a $2 billion common stock offering.
The announcement came just two weeks after CEO Elon Musk said the company would not take advantage of its surging stock price to raise more capital.
Shares of Tesla fell as much as 6% in premarket trading following the announcement. But the stock turned positive as analysts and investors cheered the move as a way to shore up its balance sheet and possibly further expansion plans.
Musk himself will buy as much as $10 million of stock in the offering, while Tesla board member Larry Ellison will purchase up to $1 million. The company will offer 2.65 million Tesla shares…