The latest spike came as Chinese competitor Nio Inc. launched its IPO on the New York Stock Exchange. The Shanghai-based company’s IPO raised $1 billion but that was far short of its original $1.8 billion target. At midday, Tesla shares were up almost 12% at $290.67 on the NASDAQ. This week Nomura Instinet downgraded Tesla stock from buy to neutral, with analyst Romit Shah telling CNBC the shares are “no longer investible” over concerns Musk’s behavior is hurting the brand. Correction: This article previously stated incorrectly that Nomura Instinet had downgraded Tesla stock from neutral to sell.

Source: Forbes September 12, 2018 17:26 UTC