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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