Tesla plans to raise another $5 billion as value soars above $600 billion

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Tesla is planning to raise another $5 billion from Wall Street, the company announced in a Tuesday morning filing with the Securities and Exchange Commission. It will be the company's third round of fundraising this year and will bring its 2020 fundraising to $12 billion.

It's a good time for Tesla to raise money because Tesla's stock price hit a record high of $640 on Tuesday-a more than seven-fold increase since the start of 2020. Tesla's market capitalization is now around $600 billion, which means that Tesla's existing shareholders will give up less than 1 percent of their stake from the stock sale.

Still, investors didn't seem thrilled at the news, with Tesla's share price down a little more than 1 percent in morning trading.

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