Report: Elon Musk made at least $15 million from Tesla’s IPO
By Andrew C., 30 Aug, 2010. 0 Comments
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Tesla Motors Inc. raised at least $15 million from its initial public offering. CEO Elon Musk said that it has started to restore some of what was staked on the company and other startups. Tesla set a price of $17 per share and Musk sold 908,958 shares. Last Tuesday, Tesla stock rose by about 41% -- the second-biggest rally for a US IPO. Last February, Musk said that he possessed $650,000 in liquid assets and that he got loans from friends to pay fees and support for estranged wife Justine Musk. Musk had actually gained about $300 million from selling PayPal Inc. and Zip2 Corp. Based on last Tuesday's $23.89 closing price on the first day of Nasdaq Stock Market trading, the value of Musk's remaining Tesla stake had gone up to $654.5 million. Bloomberg gave the $15 million estimate for the sale of Musk's shares. Tesla is reportedly using proceeds from the IPO to start producing the battery-powered Model S sedan and to develop a range of rechargeable models. Aside from its celebrity customers, Tesla investors include Daimler AG. Last May, Toyota Motor Corp. had revealed a plan to buy a $50 million stake.
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