Who Wins in the Tesla IPO?
UPDATED Tesla Motors (s TSLA), the electric car startup scheduled to launch an IPO on Tuesday, has racked up millions of dollars from a slew of investors since its founding in July 2003. For some of those backers who took a chance on this greentech venture early on, Tesla’s initial public offering could spell “ka-ching,” although Tesla’s selling stockholders, directors, officers and employees are subject to a lock-up period for 180 days after the IPO (underwriters typically secure lock-up agreements to prevent a company’s stock from gushing too quickly onto the market). Here’s the rundown on who among Tesla’s executive directors and officers own what portion of the company, who will and won’t be selling shares at the IPO, according to Tesla’s S-1 filing, and what their stakes will be worth (on paper, at least) at Tesla’s offer price of $17 per share.
Shareholder | Pre-IPO Stake* | Shares Being Offered | Value of Offered Shares** |
---|---|---|---|
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28.3M shares (35.62 percent) worth more than $481.1M at $17 apiece. | 909,212 |
$15,456,604
|
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7.48M shares (9.56 percent) worth more than $127.2M at $17 apiece. | 0 | $0 |
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7.3M shares (9.32 percent) worth about $124.1M at $17 apiece. | 0 | $0 |
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4.91M shares (6.27 percent) worth nearly $83.5M at $17 apiece. | 0 | $0 |
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2.8M shares (3.53 percent) worth slightly over $47M at $17 apiece. | 0 | $0 |
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2.75M shares (3.51 percent) worth more than $46.7M at $17 apiece. | 0 | $0 |
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412K shares, (<1 percent) worth about $7M at $17 apiece. | 12,692 | $215,764 |
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367K shares (<1 percent) worth about $6.2M at $17 apiece. | 0 | $0 |
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101K shares (<1 percent) worth over $1.7M at $17 apiece. | 0 | $0 |
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68K shares (<1 percent) worth nearly $1.2M at $17 apiece. | 0 | $0 |
Tesla’s executive directors and officers represent just one slice of the pie when it comes to Tesla’s shareholders. Here’s a cheat sheet on venture capital firms, individual investors, early employees and other shareholders that will be cashing out at some level in the IPO and how much their stakes would be worth at $17 per share.
Shareholder | Pre-IPO Stake* | Shares Being Offered | Value of Offered Shares** |
---|---|---|---|
VantagePoint Venture Partners, VC firm. | 7.13M shares (9.11 percent) worth nearly $121.2M at $17 apiece. | 238,748 | $4,058,716 |
Bay Area Equity Fund I, venture capital fund sponsored by Bay Area Council Alliance for Community Development and managed by JPMorgan H&Q. | 2.64M shares (3.38 percent) worth around $44.9M at $17 apiece. | 88,586 | $1,505,962 |
Westly Capital Partners Fund, from former California state Controller and eBay exec Steve Westly’s The Westly Group. | 2.49M shares (3.18 percent) worth almost $42.3M at $17 apiece. | 72,625 | $1,234,625 |
Marc Tarpenning, Tesla co-founder. | 1.06M shares (1.36 percent) worth nearly $18.1M at $17 apiece. | 2,156 | $36,652 |
Tao LLC, investment partnership of Hyatt heir Nick Pritzker. | 900K shares (1.15 percent) worth just over $15.3M at $17 apiece. | 30,210 | $513,570 |
Compass Venture Partners II | 684K shares (<1 percent) worth just over $11.6M at $17 apiece. | 22,931 | $389,827 |
Riverwood Capital, private equity firm headquartered in Menlo Park, Calif. | 401K shares (<1 percent) worth around $6.8M at $17 apiece. | 11,219 | $190,723 |
Ian Wright, early Tesla employee. Left Tesla in 2004. Founder and CEO of electric vehicle startup Wrightspeed. | 180K shares (<1 percent) worth about $3.1M at $17 apiece. | 453 | $7,701 |
Joseph William Lee Trust | 170K shares (<1 percent) worth nearly $2.9M at $17 apiece. | 5,716 | $97,172 |
Vertical Fund II, from The Vertical Group, a VC firm headquartered in Summit, NJ and focused on medical technology and biotech. | 94K shares (<1 percent) worth about $1.6M at $17 apiece. | 3,156 | $53,652 |
Arch Meredith, managing partner at Kite Hill Capital, founder at Chroma Group, Inc. | 93K shares (<1 percent) worth nearly $1.6M at $17 apiece. | 3,130 | $53,210 |
Michael Taylor, VP of Finance since September 2007. Previously worked for Goldman Sachs, McKinsey and Wilson Sonsini. | 90K shares (<1 percent) worth just under $1.5M at $17 apiece. | 112 | $1,904 |
Social Concepts, Inc., founded by Jeff Skoll in 2006 with a mission to connect people online through social entertainment. Elon Musk is on the board of advisors. | 86K shares (<1 percent) worth almost $1.5M at $17 apiece. | 2,887 | $49,079 |
Yoler-LeNail Living Trust | 84K shares (<1 percent) worth slightly over $1.4M at $17 apiece. | 1,586 | $26,962 |
Greg Kouri Living Trust. Real estate developer Greg Kouri is a friend of the Musk family who helped finance Zip2 in the 1990s. | 78K shares (<1 percent) worth about $1.3M at $17 apiece. | 2,599 | $44,183 |
Kite Hill Capital, a venture capital firm. | 77K shares (<1 percent) worth more than $1.3M at $17 apiece. | 2,585 | $43,945 |
Thomas E. Colson, former VP of manufacturing, and Lisa T. Colson. | 75K shares (<1 percent) worth slightly under $1.3M at $17 apiece. | 378 | $6,426 |
*Shares beneficially owned prior to the IPO and concurrent private placement.
**At $17 per share
Photos courtesy of the companies, Flickr user briansolis and Wikimedia Commons user Caw1019.