Tesla Inc shares dropped as much as 15% on Wednesday, expanding previous session’s losses after the electric-car maker revealed a $5 billion stock offering that was pointed at cashing in on Wall Street’s boosted interest. 

After an almost six-fold rise in share value this year, Tesla decided on a 5-for-1 stock split, which initiated on Monday.

One of the elite shareholders of the company, fund management firm Baillie Gifford & Co, reduced its passive stake to 4.25% in comparison to 7.67% as of December 32, according to a regulatory filing. 

Tesla shares were last seen down 6.8% at $442.8 in afternoon trading.