If Tesla decided to do equity issuance, which it currently does not want to, and I were in charge of deciding how, I'd do a rights issue to reward existing shareholders and to give a big "go to hell" to Wall Street underwriters (who have been stealing 1.5% of previous issuances in fees, which is a pretty nice deal if you can get it).
I might do it at 1 right for every 50 shares held (2% dilution). I might set the exercise price at $261 (higher than what the underwriter paid at the last offering), making the rights worth only pennies. If every one was executed, it'd raise 903 million dollars; if only half bought, it would still raise 451 million dollars. Enough for working capital. Since Tesla does not need the money, they don't need an underwritten offering; they can just see how much they get. Or if was more in the mood to reward stockholders, and I was worried about the stock price being driven down by FUD ("oh no they're doing a rights issue they must be running out of cash") I might set the exercise price down at $250 (making the rights immediately worth roughly $25 each, or 50 cents per with-rights share), with the maximum capital raised being $865 million, or $432 if half were exercised.
But anyway I'd do it this way because to hell with Wall Street underwriters!
