Wednesday, June 30, 2010

CEO of Tesla Likely Made $24 Million at IPO;



The CEO of Tesla, Elon Musk, is thought to have made at least $24 million at the highly successful IPO that was held yesterday. Tesla is an electric vehicle manufacturer. Ford offers a hybrid vehicle called the Ford Fusion which can be bought at a Kansas City Ford dealer. Nissan's Leaf, an electric model that is coming out soon, will have various Boston Nissan Prices depending on the area. A Jetta hybrid will also be released by Volkswagen whose other models can be seen at a Peoria Volkswagen dealer.

Elon Musk has invested at least $70 million of his own money into the venture which has proven to be of a high interest to many investors. Elon Musk previously had started the successful ventures of PayPal and Zip2 Corp.

He had however supposedly been suffering some financial problems as his ex-wife was demanding a fee for her support that Musk had to take out a loan from friends to pay off. In February, he had $650,000 in liquid assets. His 26.9 million shares of Tesla are valued at $642 million based on the price per share at closing time on Tuesday.

Yesterday, Tesla sold $13.3 million shares at a $17 price. The price went up 41% from its initial price of $17 to $23.83. The 41 percent gain was the second largest for an IPO from a U.S. company this year. With the success of the IPO, it is thought that Elon Musk has made back some of his investment in his hopeful company.

Tesla has attracted interest from Daimler AG and Toyota who will invest $50 million into the company later this year. The Tesla Roadster, a $109,000 fully electric sports coupe is owned by celebrities Brad Pitt and George Clooney.

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