Tesla launches $5 billion capital raise
The company’s shares, which touched a record high on Monday, reversed course to fall over 2% in premarket trading
The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. Photo: REUTERS/Tyrone Siu
Tesla Inc unveiled a $5 billion capital raise on Tuesday, its second such move in three months as the electric-car maker cashes in on a meteoric rally in its shares this year.
The company's shares, which touched a record high on Monday, reversed course to fall over 2% in premarket trading.
Tesla entered an equity distribution agreement with banks including Goldman Sachs and Citigroup Global Markets to sell its common stock, having aggregate sales proceeds of up to $5 billion.
