Why Tesla Stock Is Trading Lower Today
Shares of Tesla (NASDAQ: TSLA) are trading lower today, down 3.5% as of 1 p.m. EDT, after the electric-vehicle maker said that it plans to raise $5 billion by issuing new stock.
In a series of regulatory filings on Tuesday morning, Tesla said that it has entered into agreements with several investment banks to sell up to $5 billion in stock. It's an "at-the-market" offering, meaning that the shares will be sold over time at prevailing market prices, rather than in one big batch at a set price.
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