LATimes
Electric-car maker Tesla Motors Inc. plans to raise about $167 million by selling stock to the public later this year.
The Palo Alto maker of a $109,000 Roadster electric sports car said in a Securities and Exchange Commission filing Tuesday that it planned to sell as much as 12.8 million shares for up to $14 to $16 each in an initial public offering.
The offering is "highly anticipated" and values the company at about $1.5 billion, according to IPO research firm Renaissance Capital.
Good news for at least some of the folks who built my Tacoma and the
Tesla also has an agreement to pay $42 million for a shuttered auto factory in Fremont, Calif., which Toyota and General Motors Co. formerly operated jointly until earlier this year. Tesla will make its new Model S sedan at the plant.
Tesla is controlled by Musk, a PayPal Inc. co-founder who made millions when he sold the online payment business in 2002. Musk then invested in Tesla and Hawthorne-based Space Exploration Technologies Corp., which is developing the Falcon 9 booster, a nine-story-tall private rocket that recently had a successful debut launch from Cape Canaveral, Fla.
Ol' Elon likes stuff that goes fast, huh?
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