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** |
|---|---|---|---|
 Elon Musk, CEO, Chairman and Product Architect. Also the CEO, CTO and Chairman of SpaceX, and Chairman of SolarCity. Co-founded PayPal and Zip2. |
28.3M shares (35.62 percent) worth more than $481.1M at $17 apiece. | 909,212 |
$15,456,604
|
 Herbert Kohler, member of Tesla’s Board of Directors since May 2009. Heads up electric vehicle development for Daimler and serves as VP of Blackstar Investco, owned 60:40 by Daimler and Abu Dhabi’s Aabar Investments. If Musk leaves the CEO post before 2013, his replacement has to beapproved by Kohler under Tesla’s financing agreement with Daimler. |
7.48M shares (9.56 percent) worth more than $127.2M at $17 apiece. | 0 | $0 |
 H.E. Ahmed Saif Al Darmaki, member of Tesla’s Board of Directors since September 2009, representing Abu Dhabi’s Al Wahada Capital Investment. Darmaki is Planning & Development Director of the Abu Dhabi Water and Electricity Authority, which invests through Al Wahada. |
7.3M shares (9.32 percent) worth about $124.1M at $17 apiece. | 0 | $0 |
 Antonio Gracias, member of Tesla’s Board of Directors since May 2007, representing Valor Equity Partners, where he is chief executive officer and chief investment officer. |
4.91M shares (6.27 percent) worth nearly $83.5M at $17 apiece. | 0 | $0 |
 Steve Jurvetson, member of Tesla’s Board of Directors since June 2009, representing VC firm Draper Fisher Jurvetson, where he is managing director. Jurvetson is also a director of Musk’s SpaceX. |
2.8M shares (3.53 percent) worth slightly over $47M at $17 apiece. | 0 | $0 |
 Ira Ehrenpreis, member of Tesla’s Board of Directors since May 2007, representing Technology Partners where he is general partner and leads the firm’s cleantech practice. Also chairs Tesla’s corporate governance and compensation committees. |
2.75M shares (3.51 percent) worth more than $46.7M at $17 apiece. | 0 | $0 |
 Kimbal Musk, member of Tesla’s Board of Directors since April 2004. Co-founder of Zip2 with Elon Musk, his brother. CEO of software firm OneRiot. |
412K shares, (<1 percent) worth about $7M at $17 apiece. | 12,692 | $215,764 |
 JB Straubel, CTO since May 2005. Principal Engineer, Drive Systems between March 2004 and May 2005. Former CTO and co-founder of aerospace firm Volacom. |
367K shares (<1 percent) worth about $6.2M at $17 apiece. | 0 | $0 |
 Deepak Ahuja, CFO since July 2008. Worked at Ford Motor (s F) for 13 years, including as CFO of Ford of Southern Africa from 2003-2006. |
101K shares (<1 percent) worth over $1.7M at $17 apiece. | 0 | $0 |
 Mike Donoughe, Executive VP of Vehicle Engineering and Manufacturing for a little over a year until September 2009. Previously Donoughe was an exec at Chrysler. |
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.
