Tesla IPO Beats Expectations

In what may prove to be a bright spot after years of canceled and delayed IPOs, Tesla’s publicly traded market debut surpassed expectations. Shares opened Tuesday at $19 and closed the day at $23.80. The electric car company, which is still the only company that sells highway-capable electric cars to consumers in volume, sold at least 13.3 million shares at $17 each on Monday to beat previous price expectations of between $14 to $16. Tesla is the first American car company to go public in 54 years, as Ford Motor Co.’s was the last in 1956. CEO Elon Musk, of PayPal- and SpaceX-founding fame, has put more than $70 million of his personal wealth into the company. It has never been profitable due to rapid expansion and development outlays, which will only continue in the coming years as it develops its Model S sedan.