Wednesday, June 30, 2010

Tesla shares soar on first trading day - The Boston Globe

This should help rebalance Elon Musk’s bank account 

Investors snapped up Tesla’s shares even as the broader markets took a beating. The stock soared $6.89, or 40.5 percent from its offering price, to close at $23.89 — marking the second-biggest first-day gain among initial public offerings this year. 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 also came on a day when most US stocks tumbled.

Tesla shares soar on first trading day - The Boston Globe

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