Today marks history for the fledgling electric car industry with the public market debut of high-profile startup Tesla Motors. The IPO for Tesla, which is backed by intrepid entrepreneur and PayPal founder Elon Musk, is the first for a U.S. car company since Ford Motor in the 1950’s.
Although the startup likely won’t make any kind of profits until 20121 (updated), when it starts selling its next-gen EV the Model S, Tesla’s shares were priced at $17 each, above the expected $14-$16 range, raising $226 million. And that was after the number of shares being sold were increased by 20 percent. At $17 a share, Tesla founder and CEO (and by far the company’s largest shareholder) Elon Musk’s cut is worth $481.1 million (28.3 million shares, and 35.62 percent of the company).
Tesla shares opened on the Nasdaq this morning at $19; the stock is trading under the ticker “TSLA.”
Here’s what you need to know about Tesla’s IPO: