Hyperdrive
Tesla Raising Up to $5 Billion in Third Share Sale This Year
- Carmaker’s at-the-market offering follows 650% stock surge
- Cash balance could approach $20 billion, BI analyst says
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Tesla Inc. is taking advantage of its surging shares by going back to the capital markets for the third time in 10 months and raising as much as $5 billion of common stock.
The sale is through an “at-the-market” offering program, according to a regulatory filing Tuesday, meaning the stock will be sold over time at prevailing market prices. Tesla has soared about 650% this year, a sign investors’ appetite for shares remains strong.