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

Aleksandra Smelianska
Product marketer helping to build and launch products people l...
Tesla taps market rally keg, announces $5B stock sale
  • Tesla 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 will sell the shares from “time to time,” through an “at-the-market” offering program. Banks, including Goldman Sachs, BofA Securities, Capital Inc., Citigroup Global Markets Inc and Morgan Stanley, will sell the shares at Tesla’s direction.
  • Tesla shares opened lower Tuesday on the news. Shares were down 4.25% in morning trading and then recovered. Tesla’s share price is currently down 0.34% to its adjusted split price of $469.40.