#Tesla to sell $5 billion worth of stock as shares continue to rally
“#Tesla to sell $5 billion worth of stock as shares continue to rally”
September 1, 2020 | 10:17am
Wall Street’s main brokerages, including Goldman Sachs, Bank of America and Morgan Stanley, will serve as sales agents for the stock selling program, which represents less than 1 percent of Tesla’s $464 billion market capitalization.
Tesla shares briefly shot up as much as 3 percent on the news in pre-market trading, before settling down to open the day up 0.6 percent.
“We believe this is the smart move at the right time for Musk & Co.,” Wedbush analyst Dan Ives said in a research note, lauding investors’ strong appetite “to play the transformational EV trend through pure play Tesla over the coming years.”
Tesla’s announcement arrives a day after the company’s 5-for-1 stock split took effect, bringing the price of a share of the electric automaker down to just under $500 from its previous price of $2,500.
Tesla shares have skyrocketed more than 70 percent since it announced its plans for a stock split earlier this month.
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