Business News

Tesla is rallying to promote as much as $ 5 billion value of shares

Amid Tesla's record spike, which saw shares hit new highs, the company announced Tuesday that it would sell up to $ 5 billion worth of shares.

The additional shares will be sold "from time to time" and "at market prices," according to a filing with the Securities and Exchange Commission.

The stock pulled back from its market high after the news but was still 3% higher.

Tesla shares were on fire this year. By the close of trading on Monday, the electric car manufacturer had gained almost 500% in 2020. Tesla's run-up has only picked up since the company announced its 5-for-1 stock split on Aug. 11. During that time, Tesla shares have rallied 81.3%. That win includes a 12.6% pop on Monday when the split took effect.

This is a developing story. Check for updates again.

Subscribe to CNBC PRO for exclusive insights and analysis as well as live business day programs from around the world.

Related Articles