Tesla Fills the Coffers
That controversial IPO this morning? Yeah, it went really well.
Tesla Motors, the first automaker to go public since Ford did so more than half a century ago, sold 13.3 million shares at $17 a share. That's better than the $14 to $16 range the company had predicted, and it gives Tesla $226.1 million to use to develop its next generation sedan.
At the bell ringing ceremony this morning in Times Square, CEO Elon Musk was ebullient, calling the IPO a "a fantastic day." From there, the stock proceeded to skyrocket. When the markets closed, Tesla's stock price was up to $23.89 a share, a 41 percent gain for the day.
Now the hard part: Using the money to bring this to market.