Tesla raises goal in capital hunt and Musk doubles down

Tesla raises goal in capital hunt and Musk doubles down
FILE- This Oct. 3, 2018, file photo shows the logo of Tesla model 3 at the Auto show in Paris. Tesla is increasing the size of its stock and debt offering to as much as $2.7 billion just one day after announcing plans to raise $2 billion in new capital. The Palo Alto, California, electric car and solar panel maker says it is increasing the offer due to the response from an announcement made Thursday, May 2, 2019. (AP Photo/Christophe Ena, File)

DETROIT (AP) — Tesla is increasing the amount of money it will attempt to raise to as much as .7 billion.

The Palo Alto, California, electric car and solar panel maker said Friday that it’s increasing the offer due to the response from Thursday’s announcement that it would try to raise .3 billion.

Also, CEO Elon Musk more than doubled the amount of stock he would buy from 0 million, to 5 million.

The offer was detailed in a filing Friday with U.S. securities regulators. It includes up to .84 billion in notes that pay 2 percent annual interest and convert to Tesla common stock in 2024. Also included are more than 3.5 million new shares.

The new numbers include underwriting brokers exercising their full options to buy additional notes and shares.