New York (CNN Business) Tesla's stock has already soared about 500% in 2020, prompting the company to split its share price to make it more affordable for average investors. Now it looks like Elon Musk's electric car company is hoping it can find even more investors to gobble up its stock. Tesla TSLA announced plans Tuesday to sell up to about $5 billion in new shares. The planned stock sale comes one day after Tesla's stock split took effect, cutting the price of each share by a fifth. Shares of Tesla surged nearly 13% Monday but fell more than 1% Tuesday to around $490 a share.

Source: CNN September 01, 2020 12:27 UTC