Tesla to raise $5 billion through share offering

Tesla Inc  said on Tuesday it plans to raise up to $5 billion(3.72 billion pounds) through a share sale program to be conducted by Wall Street’s main brokerages.

Tesla shares, which rose about 8% in early premarket trading, were up about 3% after the news. The move comes a day after a 5-for-1 stock split took effect, Tesla’s first since its initial public offering about a decade ago.

The company’s high-flying stock has soared over 70% since its split was announced on Aug. 11, and was trading at over $2,000 on Friday on a split-adjusted basis. The stock was one of the costliest on Wall Street.