Tesla Inc. shares fell as much as 15% on Wednesday, extending previous session's losses after the electric-car maker announced a $5 billion stock offering that was aimed at cashing in on Wall Street's heightened interest.

After a nearly six-fold increase in share value this year, Tesla decided on a 5-for-1 stock split, which came into effect on Monday.

"After a strong positive reaction to a split you recently had a share offering, and a large holder selling. People are taking some profits after a monster run," Elazar Advisors analyst Chaim Siegel said. "Tesla is allowed to have a down day.

One of the top shareholders of the automaker, fund management firm Baillie Gifford & Co, cut its passive stake to 4.25% compared to 7.67% as of Dec. 31, according to a regulatory filing.

Tesla (TSLA) shares closed at $447.37, down $27.68, or 5.83%.