Tesla founder and CEO is adding an additional 909,212 of his personal shares to the IPO in one day of Tesla. Musk will still be the largest shareholder, with 28.4 percent, after the shares are sold. (Source: Techcrunch)
He and others (including Musk's family) are looking to cash out on some of their shares during the IPO. Shares are expected to sell between $14 and $16.
Other major shareholders include Daimler (through an investment arm called Blackstar Investco) with 8 percent of the shares, and the third largest will be the government of Abu Dhabi (through Al Wahada Capital Investment) with 7.8 percent of the shares. The two biggest VC shareholders will be Vantage Capital Partners with 6.6 percent and Valor Equity Partners with 5.25 percent.
Interesting information, if you ask me. On the one hand, I can't help wondering why the CEO is cashing out a million shares, but on the other hand, it's not like he's abandoning his shares either. He's probably invested so much time and money into it and maybe he just has another investment to make with that money. And I have no idea if this sort of initial 'cash out' is just the normal process during an IPO.
Monday, June 28, 2010
Tesla CEO Selling Million Shares During IPO Tomorrow
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