Impressive Debut for Tesla Motors Stock Offering
Electric car manufacturer Tesla Motors (TSLA) shares opened on the NASDAQ at $19, which was 12% higher than its initial offering price of $17. Despite a down day on both the Dow and NASDAQ, Tesla ended the day up an impressive 40.53% to close at $23.89. The company has lost almost $300 million since it was founded in 2003 by Elon Musk (who also founded PayPal and Zip2 Corp.) and is not expected to turn a profit until 2012 when it releases the Model S. Currently, Tesla only offers the pricey Roadster for $100,000. The Model S is expected to be a more reasonable $50,000.