Tesla shares surged almost 41 percent in first day of trading

In electric car company Tesla Motors Inc.’s first day of trading, its shares rose by up to 41% even as broader markets were falling.

Tesla, which is the first US carmaker to launch a public stock offering in the last 54 years, saw its shares gaining $6.89 ($23.89 a share) as of 16:17 p.m. EDT, after reaching $19 earlier. Last Monday, Tesla was able to raise $226 million selling shares above its forecast price range. Included in Tesla’s shareholders are Daimler and Toyota. Bloomberg data and a filing with the US Securities and Exchange Commission indicated that Tesla sold 13.3 million shares at $17 on Monday after offering them for $14 to $16.
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Terry989 - 6/29/2010 7:45:58 PM

+1 Boost

Just another way to part fools from their money.

Joe_Limon - 6/30/2010 1:48:59 AM

+1 Boost

41% profit in one day is huge! sell before friday!