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Tesla launches $5 billion capital raise, tapping in on share surge

The move comes a day after a 5-for-1 stock split took effect, Tesla's first since its initial public offering in June 2010, and follows a nearly six-fold increase in the value of its shares this year

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Tesla | Elon Musk

Reuters 

Tesla Inc on Tuesday unveiled its biggest program of new share sales as a public company, seeking to cash in on soaring Wall Street interest in the electric carmaker to raise up to $5 billion that will ease future debt pressures. The move comes a day after a 5-for-1 stock split took effect, Tesla's first since its initial public offering in June 2010, and follows a nearly six-fold increase in the value of its shares this year. Tuesday's share sale comes as Tesla seeks to massively expand production of its existing vehicles and build new factories near Berlin, ...

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First Published: Wed, September 02 2020. 02:11 IST
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