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“Smartest Money In The World Is Betting On Tesla.”

June 29, 2010

Telsa Takes-off

We’ve been covering Telsa Motors in Innovational Musings for a year.  Over the last month we discussed the importance of the Telsa/Toyota partnership and the tentativeness of this unlikely relationship and how it would be impacted by the success of the Tesla IPO. Despite the warnings of many skeptics it looks like Tesla is getting a warm welcome from an otherwise cool market. Perhaps the Silicon Valley start-up that considers itself to be more like Apple than GM will bring some California sunshine to a gloomy market.

Going Public – the Apple of EVs

Telsa Motors CEO Elon Musk poses with a Tesla car in Times Square following the electric automaker’s initial public offering June, 29 in New York.The company's stock soared 41 percent on its first day of trading on the Nasdaq stock exchange under the ticker symbol (TSLA). Mark Lennihan/AP

With the Dow down more than 250 points and consumer confidence taking a downturn, today may not the best day for an IPO. But Tesla shares are taking-off. Tesla CEO, Elon Musk rang the Nasdaq opening bell this morning to commemorate its initial public offering under the ticker symbol TSLA. The shares opened at $19, a 12% jump from its $17 pricing yesterday. Currently, they are trading above $18, which gives Tesla a market cap of about $1.7 billion more than enough to meet the financial requirements of the Toyota deal.

Mr. Akido Toyoda must be pleased that his company’s $50 million investment in Tesla is worth north of $70 million, at least for now.

Elon Musk commenting on the quality of investors in their IPO  says. “Smartest money in the world is betting on Tesla.”  Elon discusses the success of the IPO launch with Bloomberg TV.

Elon has become something of a entrepreneural rock star. His high tech ventures like PayPal and SpaceX along with the tantalizing Tesla have earned him a place in the Silicon Valley Pantheon along with other high tech heroes like Steve Jobs, Bill Joy and T.J. Rodgers. The downside of celebrity is that like Tiger Woods his expensive divorce is much in the news.

On the upside Mr. Musk also cameos in Iron Man 2 with Robert Downey Jr.  CNN talks to Musk about  his star status and his role in the movie in this video interview.

It’s a bird, it’s a plane – no it’s Elon Musk in his Tesla…

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