No-profit Tesla shares soar; Fisker's DE plant cleared for sale: UPDATE
Tesla's founder pockets over $20 million in unprofitable electric-car maker's IPO
UPDATE: Fisker Motors this afternoon was cleared by a federal bankruptcy judge in New York to close on its $20 mllion acquisition of the former GM factory in suburban Wilmington where Vice President Biden last fall announced a half-billion-dollar U.S. Department of Energy loan to refit the place as a fancy Fisker electric car factory.
EARLIER: Tesla Motor Corp. has burned through many millions of investors' money and hasn't made a dime yet selling its fancy $100,000 electric sports cars, but founder Elon Musk (who made his fortune taking PayPal Inc. public) has pocketed over $20 million in the sale of $226 million worth of stock in today's initial public offering (Nasdaq: TSLA). Read Tesla's Securities and Exchange Commission filing here. Stock has been trading up a bit from IPO price, says MarketWatch.