Tesla Inc TSLA shares are trading higher by $8.00 at $263.83 in Thursday's session. The rally is taking place in the face of a $1.15 billion capital raise that includes a $250 million offering of stock coupled with a $750 million Senior Note Offering.
Investors must be encouraged that Elon Musk will be purchasing $25 million of common stock, which shows the CEO showing faith in the long-term prospects of the company.
See Also: Tesla Announces $1.15 Billion Capital Raise, Musk Buys Shares
In a volatile session, Tesla's stock followed a sharply higher opening print ($262.40), with a quick seven-minute decline to $259.06. So far, the ensuing rebound off that low has taken the issue all the way to $264.40 and isn't far that high.
The current high is a very significant level for Tesla. The reason being is that level coincides with its February 23 high of $264.66. That represents the high for the day following its disappointing Q4 report the previous day.
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