Tesla’s Elon Musk Reportedly Made $24M From IPO

Elon Musk image

Despite claiming that he was broke in court papers filed during his ongoing divorce trial, Tesla’s CEO Elon Musk has plenty to be happy about these days. Tesla’s initial public offering has reportedly made the Musk at least a cool $24 million, according to Bloomberg.

Musk had previously said he went broke by investing as much as $70 million of his personal wealth into Tesla and other businesses. But thanks to the success of the recent IPO, Musk appears to have restored much of his wealth. Earlier this week, Tesla stock started trading at $17 per share and posted a 41 percent gain during the first day of trading.

Musk has been on a bit of a whirlwind lately, as last month he claimed that he had just $650,000 in liquid assets and was living off of loans from friends.

“About four months ago, I ran out of cash,” Musk wrote in a court filing with the Superior Court of LA. “I had to obtain emergency loans from personal friends. These loans are the exclusive source of cash I have. If I did not take these loans, I would have no liquid assets left.”

In addition to Tesla, Musk is also the CEO of Space Exploration Technologies Inc., or SpaceX, and is head of SolarCity Inc., a solar-panel installer.

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One Response to Tesla’s Elon Musk Reportedly Made $24M From IPO

  1. Pingback: Tesla Retools Buying Experience With Apple Exec’s Help | Auto in the News

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