Elon Musk is investing $20 million of his own money in the stock offering.
(Reuters) -- Electric automaker Tesla Motors Inc. said today it was looking to raise about $642.5 million through a share sale, above the $500 million it announced on Thursday.
The company said it would offer about 2.7 million shares at $242 per share, a slight discount to Thursday's close of $242.51. The company's shares rose 0.26 percent to close at $243.15 today.
CEO Elon Musk will maintain his investment of $20 million in the offering, Tesla said.
The automaker said on Thursday it would sell 2.1 million shares.
"Tesla's (offering), combined with existing credit lines, will provide the company with more than enough cash for operational purposes into 2016," S&P Capital IQ analyst Efraim Levy said late on Thursday.