Tesla aims to raise $5bn in its biggest issue of new stock in a decade

Electric carmaker seeking to take advantage of almost 1,000% surge in share price

Tesla is aiming to raise up to $5bn (3.7bn) in its biggest issue of new stock in a decade, as the electric carmaker takes advantage of an almost 1,000% surge in its share price over the past year.

The move comes a day after the company completed a 5-for-1 stock split, which sparked a share price rise that propelled co-founder Elon Musk past Facebook's Mark Zuckerberg to become the world's third-richest person.