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Tesla to offer $250 million in common stock

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The electric car maker announced on Wednesday offerings of $250 million in common stock and $750 million in convertible senior notes due in 2022. Tesla CEO Elon Musk will purchase $25 million in common stock, the company added.

Tesla plans to use the money to "strengthen its balance sheet," help finance the upcoming launch of its Model 3 car, and for general corporate purposes.

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