Tesla plans to raise up to $5bn by selling stock, as the US electric car pioneer takes advantage of a rally that will propel it into the S&P 500 this month.
The company said in a filing on Tuesday that it would sell new shares from time to time on the open market, handing it more flexibility over the pricing than if it held a formal secondary offering of stock.
The announcement comes just weeks before Tesla is due to enter the S&P 500, a move that is expected to fuel further demand for the stock as passive investors who track the US benchmark index are compelled to buy.
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