Tesla completes $5 billion stock sale in one day

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Tesla Inc.

completed the sale of $5 billion of its common stock on Wednesday, the company said in a filing late Thursday. The Silicon Valley car maker announced the equity tap on Tuesday, and a final settlement is expected to be completed by Friday, according to the filing. Tesla shares have rallied 650% this year, compared with gains around 15% for the S&P 500 index.

The company is about to ring in 2021 with a “war chest” estimated to be around $20 billion, which the company plans to use to fuel its expansion plans.

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