Tesla Completes $5 Billion Stock Sale in 24 Hours
Tesla (TSLA) announced on Tuesday that it would be raising $5 billion (USD) in a new share offering, and it’s already way ahead of the curve.
According to a new filing with the Securities and Exchange Commission (SEC) on late Thursday, Tesla disclosed it completed the sale of its $5 billion in shares and the deals will be finalized by the end of the day Friday, as reported by Tesmanian (save 10% off Tesla accessories with coupon TESLANORTH10).
“On December 9, 2020, Tesla, Inc. completed the sale of $5.0 billion (before commissions) of its common stock through its“ at-the-market ”offering program previously disclosed on December 8, 2020,” reads the SEC filing.
The money raised is expected to go towards continued improvements of Tesla’s vehicle production capacities as well as the new Gigafactories currently under construction in both the US and Germany.
On December 21, Tesla will officially be inducted into the S&P 500. Since the announcement of their inclusion on November 16, the company has added roughly $210 billion (USD) in market capitalization, amounting to a total of about $594 billion – equating to the seven most expensive automakers in the world combined.
Additionally, Tesla’s shares are up 660% since the beginning of 2020, an astounding mark of growth over the course of the year.
Whether or not Tesla will reach its goal of 500,000 vehicles delivered by the end of 2020, it’s pretty incredible to see the company sell off $5 billion in shares in just 48 hours. And with S&P inclusion within reach, the upward trend isn’t likely to change anytime soon.