Electric car manufacturer Tesla (NASDAQ:TSLA) has priced its second offering of stock at $767 per share.
Tesla announcement Thursday that it would put an additional $2 billion worth of stock on the market. The news came as a surprise as just two weeks ago, Chief Executive Officer Elon Musk said the company had enough cash to fund its capital programs and that it didn’t need to raise any more money.
But Tesla is taking advantage of seemingly insatiable demand for its stock. Tesla shares have almost doubled since the start of the year, and it’s quadrupled since last June. That demand continued to surge Thursday, even though issuing additional company shares can dilute the value of those already on the market.
Shares closed up 5% on Thursday.