Amid Tesla’s record rise that has seen shares soar to new highs, the company said Tuesday that it will sell up to $5 billion in stock.
The additional shares will be sold “from time to time” and “at-the-market” prices, a filing with the Securities and Exchange Commission said.
The stock retreated from its premarket high following the news, but was still about 3% higher.
Tesla shares have been on fire this year. Through Monday’s close, the electric car maker has gained nearly 500% in 2020.Tesla’s run-up has only gained steam since the company announced its 5-for-1 stock split on announced Aug. 11. In that time, Tesla shares have rallied 81.3%. That gain includes a 12.6% pop on Monday, when the split took effect.
Tesla’s market cap now stands around $464 billion, according to FactSet.
This is a developing story. Check back for updates.
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