Sources report that Tesla is seeking to capitalize on their rapidly rising share values. Earlier today Tesla unveiled its plans to the US Securities and Exchange Commission to offload a total of $5 billion USD in shares via partnership with various financial institutions.
The sale comes following the recent spike in Tesla stock after significant activity by investors that led to Tesla stock hitting a record high of $500 billion USD. The $5 billion USD share offload marks the car company’s move towards joining the S&P 500 later on this December.
Working along Tesla for the sale will be institutions such as Wells Fargo, Citigroup, Barclays, Credit Suisse, SG Americas Securities, Goldman Sachs, Morgan Stanley, Bank of America, BNP Paribas and Deutsche Bank in order to carry out the sale which serves as the second since September of this year. According to the filing, the banks will be paid “commissions of up to 0.25%” by Tesla of the shares sold by these banks. This will also max out at $12.5 million USD per commission.
Stay in the know with the latest culture news