Elon Musk nets much needed $24M profit from Tesla's IPO
As the Detroit Free Press reports, Musk made a whopping $24 million in a single day courtesy of the IPO. Musk sold 1.42 million of his Tesla shares at $17 per, including additional shares that fall under the category of over-allotment to underwriters. The sale netted Musk a cool $24 million, but there's a significant chance that he could earn much more. Musk still holds 26.9 million Tesla shares which were valued at $516 million as of the end of the day on Friday and he could option off more stock to add to his $24 million in chump change. All in all, Musk made out all right and if he's still considered broke, then we wouldn't mind joining him in the poor house.
[Source: Detroit Free Press]
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