Tesla’s stock (TSLA) is crashing today as the automaker announces that it has already completed its $5 billion capital raise.

Last week, Tesla announced plans to raise $5.0 billion in an “at-the-market” offering.

Now a week later, the company already confirms that it sold all the shares with the final settlement expected to go through tomorrow:

“On September 4, 2020, Tesla, Inc. completed the sale of $5.0 billion (before commissions) of its common stock through its “at-the-market” offering program previously disclosed on September 1, 2020. The final settlement of the shares sold is expected to be completed by September 9, 2020.”

Tesla’s shares haven’t reacted well since the announcement of the capital raise and this morning, the stock is again down – this time by as much as 16% in pre-market trading.

It’s one of the biggest swings downward for the stock since the start of the rally earlier this year.

However, the bulk of the impact this morning isn’t likely to be attributed to the capital raise.

It’s the first time the stock opens since the long weekend and last Friday, the news came out that Tesla (TSLA) was excluded from the latest S&P 500 reshuffle after high expectations that it would be included.

Tesla met the requirements to be included and with its market capitalization soaring, many thought that the stock would be a no-brainer to add to the index that tracks most of the US’ biggest companies.

Yet, the automaker was snubbed by the S&P committee in favor of Etsy, Teradyne, and Catalent who were added to the index as part of the quarterly reshuffle.

However, Tesla could still be added to the index at any time without a scheduled quarterly rebalance of the S&P 500 index.

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