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.