Tesla taps market rally keg, announces $5B stock sale – TechCrunch

Tesla said Tuesday will sell up to $5 billion in new stock as the company seeks to take advantage of an unprecedented run up in its share Tesla will sell the shares from “time to time,” through an “at-the-market” offering program, the company said Tuesday in a filing with the U.S…

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Tesla said Tuesday will sell up to $5 billion in new stock as the company seeks to take advantage of an unprecedented run up in its share price.

Tesla’s share price was $2,213. 40 on Friday before the 5-for-1 stock split went into effect on Monday.

Last month, Tesla’s board approved splitting its shares 5 for 1.   The split announcement came after a sharp rally in the value of Tesla equity in recent quarters.

Tesla’s adjusted price split stock rose 12. 6% on Monday to close at $498. 32.

Banks including Goldman Sachs, BoA Securities, Capital Inc. , Citigroup Global Markets Inc, and Morgan Stanley will sell the shares at Tesla’s direction.

Tesla’s share price is currently down 0. 34% to its adjusted split price of $469. 40.

Tesla will sell the shares from “time to time,” through an “at-the-market” offering program, the company said Tuesday in a filing with the U. S.

A year ago, Tesla’s stock price was around $227. 45 (or $45 based on the adjusted price).

The lower price didn’t dampen the momentum as retail investors took the opportunity to snap up shares.

Tesla shares opened lower Tuesday on the news. Share were down 4. 25% in morning trading and then recovered.

Tesla has already taken steps to harness the power of its skyrocketing share price.

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