Automobile heavyweight, Tesla said Tuesday that it will sell up to $5 billion in stock amid its record rise that has seen shares soar to new highs.
The company in a filing with the Securities and Exchange Commission stated that the additional shares will be sold “from time to time” and “at-the-market” prices.
The stock retreated from its premarket high following the news, but was still about 3% higher.
Tesla shares have been on fire this year. Through Monday’s close, the electric car maker has gained nearly 500% in 2020.
Tesla’s run-up has only gained steam since the company announced its 5-for-1 stock split on Aug. 11. In that time, Tesla shares have rallied 81.3%. That gain includes a 12.6% pop on Monday, when the split took effect.