Tesla’s post-IPO run peters out; stock sinks be­low de­but price

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

Shares of high-end elec­tric car maker Tesla Mo­tors Inc. ran low on volt­age, fall­ing be­neath the stock’s ini­tial pub­lic of­fer­ing price af­ter a stun­ning run-up last week. Tesla shares lost more than 16 per­cent of their value to close at $16.11 — be­low the $17 price the au­tomaker got when it first sold the stock June 29 and nearly half of last week’s high-wa­ter mark of $30.42. Tesla’s shares rose 40 per­cent in their first day of trad­ing as ex­cited in­vestors bet on Tesla’s fu­ture in the elec­tric car mar­ket.

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