Houston Traffic – Tesla seeks to sell $5B in stock; CEO Musk moves to Texas

Elon Musk, co-founder and CEO of American electric vehicle manufacturer Tesla Motors, poses with a Tesla during a visit to Amsterdam on January 31, 2014. The…

Elon Musk, co-founder and CEO of American electric vehicle manufacturer Tesla Motors, poses with a Tesla during a visit to Amsterdam on January 31, 2014. The European Tesla Service is based in Tilburg and the European headquarters is in Amsterdam. AFP PHOTO / ANP/ JERRY LAMPEN –NETHERLANDS OUT– (Photo credit should read JERRY LAMPEN/AFP/Getty Images)

by: Rachel Estrada

Posted: Dec 9, 2020 / 05:33 AM CST

Updated: Dec 9, 2020 / 05:39 AM CST

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HOUSTON (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.

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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.