Report: Elon Musk made at least $15 million from Tesla’s IPO

Article by Christian A., on August 29, 2010

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.

Topics: tesla, ipo, united states

If you liked the article, share on:

Comments

Recommended

McLaren has already shown some interest in electrifying their models. And initially, we thought that they will just use hybrid systems to use across their current lineup. Nevertheless, we have...
by - August 19, 2017
Fifty years after its glorious victory at the 24 Hours of Le Mans, Ford launches the 2018 Ford GT ’67 Heritage Edition at the 2017 Monterey Car Week. The red...
by - August 18, 2017
Hyundai has recently unveiled an unnamed pre-production model of its new fuel cell SUV. We don’t know what to call this model just yet, but sources say that this model...
by - August 18, 2017
This weekend at the 2017 Pebble Beach Concours d’Elegance, the BMW Z4 Concept will make its first public appearance. The good news is that we will finally have a real...
by - August 18, 2017
While Honda’s new 2018 HR-V will be rolling out at the dealerships with just a few updates, the company is certainly not giving up its spot as the best-selling vehicle...
by - August 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries