According to Tesla's (NASDAQ: TSLA) filing Form 10-K filed with the US Securities and Exchange Commission, the company completed the sale of $5 billion of shares announced 48 hours ago.
"On December 9, 2020, Tesla, Inc. completed the sale of $5.0 billion (before commissions) of its common stock through its“ at-the-market ”offering program previously disclosed on December 8, 2020. The final settlement of the shares sold is expected to be completed by December 11, 2020."
Tesla announced a $5 billion capital raise on Tuesday, December 8th. While many expected the sale to end next week, the company's shares were sold at lightning speed.
Since the S&P Index Committee announced on November 16 that Tesla shares will be added to the S&P 500 on December 21, the company has added about $210 billion in market capitalization. Tesla currently has a market cap of over $594 billion, which almost equals the seven most expensive automakers in the world combined. Since the beginning of the year, the company's shares are up about 660%.
Tesla has already raised $5 billion in September. Together, this additional cash will help the company expand vehicle production faster and accelerate the construction of new factories.
© 2020, Eva Fox. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.