Electric vehicle (EV) manufacturer Tesla (TSLA) saw an incredible opening to Q3 last month with several stock records broken. They’re already starting September with an interesting new development, too.
According to Yahoo Finance, Tesla (TSLA) is preparing to sell up to $5 billion USD of its shares, after a massive August for the EV company which included many new all-time high stock prices, an official five-for-one split deal, and a whole lot of momentum going forward.
The move also comes after Tesla (TSLA) has just finished its Shanghai Gigafactory, while the company is in the process of erecting new factories in both Austin, Texas, and Berlin, Germany. The extra money generated from shares will help the EV giants with its balance sheet and in raising money for other corporate uses.
$TSLA is selling up to 5 billion in stock “from time to time” “at-the-market” prices. I bet Tesla will be over $750 a share by the EOY
— Luke (@LukeG2017) September 1, 2020
These sales could mark the greatest increase in equity Tesla (TSLA) has ever seen, should they sell $2.34 billion USD or more for the program, which isn’t out of the question especially considering the EV company’s performance thus far this year.
Tesla (TSLA) also announced it would sell shares like this “from time to time,” also sharing that it had an agreement with several banks to allow this to happen.
As of the time of writing, Tesla’s (TSLA) stock is trading at $491.21 per share. On Monday, it closed at $498.32.
