Tesla selling $1.4 bn worth of stock to pay for Model 3May 19, 2016 - 10:28 AMT PanARMENIAN.Net - Electric car maker Tesla Motors is selling around $1.4 billion worth of stock to help bring its lower-cost Model 3 to market, the Associated Press reports. Palo Alto, California-based Tesla offered 6.8 million shares Wednesday, May 18. Its shares slid less than 1 percent to $210.60 in after-hours trading. Analysts had expected the move after Tesla announced this month it wants to produce 500,000 cars per year in 2018, two years earlier than planned. The company wants to meet strong demand for the Model 3, which goes on sale at the end of 2017. Tesla began taking reservations for the $35,000 car on March 31; more than 373,000 customers have put down a $1,000 deposit. CEO Elon Musk is selling an additional 2.8 million shares to pay the taxes he will incur after exercising stock options. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | SBP instant transfers now available from 190 Russian banks to Armenia To receive money from Russian banks, easywallet users need to go to their easywallet accounts. Armenia's Davit Chaloyan qualifies for Paris Olympics The Armenian boxer qualified for Paris Olympics after a series of successful bouts at the 2nd World Qualification Tournament. Lemkin Institute urges Armenia to respect people’s right to dissent The Lemkin Institute has urged the Armenian government to respect people’s fundamental human right to express their dissent. French-Armenian journalist returns to France after 41-day hunger strike Nicolian said on social media on Sunday, June 2 that he needs to improve his health in order to “continue the fight”. |