Oops. Looks Like Elon Musk Isn't Broke After All ;-)

Tesla Motors shares surge in 1st day of trading, Business Week

"Shares of Tesla Motors Inc. surged in their first day of trading on Tuesday, gaining more than 20 percent after the company raised more than expected in its initial public offering of stock. Investors snapped up shares of the electric car maker even as the broader markets took a beating. Tesla shares were up $4.10, or 24 percent, to $21.10 in afternoon trading after hitting a high of $21.50 earlier in the session. Tesla's performance was a feat in a sour market that has forced many companies looking to raise funds through IPOs to accept lower prices to get deals done. The IPO came on a day when U.S. stocks fell more than 2 percent -- following Asian and European markets lower -- on worries that the economy is slowing. The offering appealed to investors, raising $226.1 million after selling 13.3 million shares for $17 apiece. It had earlier expected to price 11.1 million shares at $14 to $16 per share.

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This page contains a single entry by Keith Cowing published on June 29, 2010 4:17 PM.

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