this post was submitted on 07 Sep 2024
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[–] Blue_Morpho@lemmy.world 1 points 2 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.