Tesla Motors (TSLA) shares were hammered hard near the end of last week and are still dropping as word of the expiration of a 180-day post-IPO lock-up agreement continues to make the rounds. Starting today, 75 million Tesla shares, which had previously been subject to a lock-up agreement restricting their sale, will be eligible for registration.
Tesla Motors, the U.S.-based electric automaker partially backed by Toyota and Daimler, let 13.3 million shares fly in its IPO back in June. The opening price of $17 per share was higher than anticipated, but that didn't stop investors from, well, investing. Within a day, the shares shot up to $23.89 – a hefty increase of 40.53 percent.