Tesla is looking to cash in on its soaring popularity with investors.
The electric car company unveiled plans Tuesday to raise $5 billion in its biggest new stock sale since it became a publicly traded company a decade ago.
The sale will be spread out over an unspecified time, according to a regulatory filing.
Investors have a seemingly insatiable appetite for Tesla. The share price has surged nearly six-fold since the start of the year, and not even a 5-for-1 stock split has dented demand.
Investors have pushed the value of Tesla shares so high that it not only became the world’s most valuable car company in July, but with an ever increasing market value - now around $450 billion - it is worth more than four times as much on the stock market as General Motors, Ford and Fiat Chrysler combined.
Tesla said it will use the money from the capital raise to strengthen its balance sheet and for general corporate purposes.
Shares of Tesla moved slightly lower Tuesday after hitting an all-time high.