Tesla plans new stock offering as CEO Elon Musk leaves California

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FILE – In this March 14, 2019 file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company’s design studio in Hawthorne, Calif. (AP Photo/Jae C. Hong, File)

PALO ALTO, Cali. (AP) – Tesla says Tuesday it wants to raise up to $5 billion in capital through a stock offering.

The move came the same day that CEO Elon Musk said he has moved from California to Texas.

The stock offering is the second for the company in three months. In September Tesla said that it planned to sell up to $5 billion worth of common shares just one day after its 5-for-1 stock split took effect.

Musk told The Wall Street Journal in an interview that he has switched states, saying that California is complacent with innovators and has taken them for granted.

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