• hddsx@lemmy.ca
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        3 months ago

        Their stock didn’t crater when they didn’t return a profit

        • Blue_Morpho@lemmy.world
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          3 months ago

          They got money from the IPO. The money let them build a plant to sell cars at a profit. In 2016, they had burned through the IPO money and weren’t selling the model 3 yet. Musk later admitted they were months from bankruptcy. The stock price was around $12 a share.

          Selling cars at a profit is what caused their stock price to rise.