Tesla launches $5 billion capital raise

(Reuters) -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. (https://bit.ly/33QXGmU)

(Reporting by Munsif Vengattil; Editing by Shounak Dasgupta)

The post Tesla launches $5 billion capital raise appeared first on Morningology.

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