Tesla will raise up to $5bn by selling stock as the electric carmaker capitalises on the six-fold surge in its valuation this year.
The company will raise the money by selling shares on the open market, giving it flexibility to lock in an attractive price compared with a formal secondary offering, in which an investment bank sets the terms.
Tesla shares have repeatedly hit new highs in 2020, catapulting the group’s market value beyond established carmakers such as Toyota and overtaking some of the US’s best-known companies, including ExxonMobil and Walmart.
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