Tesla Motors, the electric car company founded byCEO Elon Musk, is set to go public today with its shares pricing yesterday at $17, exceeding the forecasted range of $14-$16 a share, the Wall Street Journal and others reported.
The Palo Alto, Calif.-based firm and its shareholders — including Musk — unloaded 13.3 million shares Monday June 28 ahead of the IPO to raise $226 million.
“Selling shareholders included co-founder and CEO Elon Musk, who sorely needed cash after recently admitting in a divorce proceeding that he went broke and lives off loans from his friends. His sale of 909,212 shares scored him $15.3 million. That’s still lower than the roughly $70 million he has invested in the company from the money he made selling his first two companies, PayPal Inc. Zip2 Corp.”
Tesla stock will trade on the NASDAQ stock exchange under the symbol TSLA.
READ IT AT: [Wall Street Journal]