Musk has been borrowing hundreds of millions from Morgan Stanley and Goldman Sachs in order to participate in nearly all of Tesla's new capital raises and maintain his large stake in the company, which is now worth about $9 billion out of a total valuation of $42.5 billion.
The proceeds from Tesla's offering of $250 million in shares and $750 million in convertible debt will be used to strengthen its balance sheet and reduce risks associated with introducing the Model 3 sedan, Tesla said in a statement.
After the announcement was made earlier in the week, the Palo Alto-based automaker saw its stock rise 2.5 percent to close Thursday at $262.05, a 0.3 percent increase.
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Tesla sold more than 1.3 million common shares for $262 each.
Elon Musk recently attended the 2017 World Government Summit in Dubai, to launch Tesla in the UAE.
The capital raise removed "an overhang on the stock", in the eyes of investors, wrote analyst Jamie Albertine of Consumer Edge Research, given uncertainty over how Tesla would meet its robust spending needs, from the Model 3 to its massive battery factory in Nevada. According to TechTimes, Musk will be purchasing $25 million of the common stock offered.
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While environmental and renewable energy groups have welcomed the increased funding for renewable energy. Labor energy spokesman Mark Butler said it was a "genuine crisis" requiring national leadership.
So, this cash raise is more with an eye towards making preparations for contingencies and offset risk for shareholders, as compared to any real, urgent need on Tesla's part.
The future of Tesla's profitability will be dictated by the commercial success of the Model 3, which makes the most affordable vehicle ever offered by this brand its most important product in years.
Electric vehicle manufacturer Tesla announced on Wednesday that it will raise US$1.15 billion in a series of offerings.
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It's important to note that Jason Wheeler, Tesla's departing CFO, later clarified that this capital expenditure is an estimate for the first half of the year, not a full-year estimate.