Was Tesla on Shark Tank? The answer to that question may surprise you. The founders of Tesla Motors were previously involved in an ebook speciality company, called NuvoMedia.
They had no automotive experience, but their enthusiasm for the technology and their desire to help people improve their lives convinced them to take the plunge. While they were denied, they remained optimistic and were chosen to pitch their idea to investors. Now, Tesla is a billion-dollar company, and the company’s founders hope to take the show to the next level.
The show’s latest episode featured a segment on the Tesla IPO. As a reminder, the episode was taped before the holidays, so the company had time to prepare. The entrepreneur Darren presented his idea to investors on the show. Darren asked for $1 million for a 15% stake and $5 billion for ten shares of Tesla. The investors were impressed by the idea, and it was eventually acquired by Apple.
The judges of the show were skeptical of the company, but the growth has made believers out of skeptics. One of those skeptics, Kevin O’Leary, has since changed his mind. While he had previously held a critical view of Tesla as a technology company, he recently reaffirmed his belief in the stock. He even bought shares of TSLA after hearing his son’s recommendation.
In a recent interview with O’Leary, the businessman revealed that he holds no more than 5% of Tesla shares, and sells them when the stock price rises beyond that allocation. Timothy O’Leary also revealed that he learned this strategy from his mother and says that it saved his money during the tech crash. Despite the investor’s enthusiasm and knowledge, however, it’s not clear whether the investors were really buying the stock.