Tesla shares zoom on first day of trading
Tesla, appearing on the Nasdaq stock market under the ticker symbol “TSLA,” traded at about $18.40 in early afternoon trading. Shares initially opened around that level, then plunged before climbing back up.
TeslaÂ’s underwriters, sensing bigger-than-expected investor appetite for the offering, raised the initial sale price to $17, above the $14 to $16 expected range. They also increased the number of shares to be sold in the offering by 20 percent, to more than 13 million shares.
The offering garnered Tesla more than $226 million in proceeds.
So far, investors appear unconcerned about some of the risks of investing in Tesla. Among those, as noted by the company: its constant losses since its founding its dependence on access to loans from the Energy Department and its reliance on one car model, the $109,000 Roadster. The more affordable $50,000 Model S isnÂ’t expected to hit sales floors for another two years.
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The province's electricity regulator has released new time-of-use pricing and says the rate for the average residential customer using 700 kWh per month will increase by about $2.24.
The change comes as Ontario stretches into its eight month of the COVID-19 pandemic with new case counts reaching levels higher than ever seen before.
Time-of-use pricing had been scrapped for residential bills for much for the pandemic with a single price set…
