What to do if you need a little more money to finance your expansion plans?

If you are Tesla you simply announce the sale of 2.1 million more shares, worth some $500 million dollars, and you are good to go.   Perhaps trying to add some confidence behind the offering, the CEO himself - Elon Musk, will be picking up $20 million of that total.

UPDATE: Automotive News is reporting that some changes to the Tesla share offering have been made:

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 were up 0.7 percent at $244.10 in premarket trading.

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 Will Use Some Of The Money To Finance Upcoming Tesla Energy Products From New Gigafactory

Tesla Will Use Some Of The Money To Finance Upcoming Tesla Energy Products From New Gigafactory

Response from the market?  Shares naturally were up $6.25 (2.5%) in early action (real-time quote can be found here)

Tesla's official filing details the use for the money as follows:

"Tesla intends to use the net proceeds from this offering to accelerate the growth of its business in the United States and internationally, including the growth of its stores, service centers, Supercharger network and the Tesla Energy business, and for the development and production of Model 3, the development of the Tesla Gigafactory, and other general corporate purposes."

So basically, whatever it wants.

New shares are expected to be issued at Wednesday's closing price of $238.17.

As for Musk, he is buying 84,000 shares at the close of business, increasing his net stake in the company. However, his new investment is actually about $92.5 million shy of maintaining the same percentage of the company he already owns.   At the end of last year the Tesla CEO owned 22.5% of the company.

"He may make better cars, but what Elon Musk really runs is Tesla the stock. This was a brilliant move to raise $500 million—enough for now—and buy his own stock on the deal. And not a token amount, $20 million. The deal will get done, the liquidity overhang erased—again for now—and the longs will live to play another day." - TheStreet's Jim Cramer

So, for those wondering what Tesla would do to compensate for its cash burn today (and likely in the future), you have your answer.  Isn't a $31 billion market cap grand?