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Tesla to raise $5 billion as market cap crosses $600 billion

Tesla shares retreated from all-time-highs on Tuesday after the electric vehicle manufacturer announced a $5 billion "at-the-market" share offering. The offering came a day after Tesla crossed $600 billion in market value, making it the sixth largest publicly listed US company, ahead of Berkshire Hathaway and behind Facebook. Tesla, which surged 7% in Monday trades, fell as much as 4% in premarket trading on Tuesday to $616.00. The stock pared most of those losses and traded down just 1% as 8:01 A.M. Prior to the announced offering, Tesla traded up as much as 4% to an all-time-high of $668 in pre-market trades on Tuesday.

News source ~ BI