Well, that was fast.
Elio Motors, the upstart car company that went public using an update to fundraising rules from the Jumpstart our Business Startups (JOBS) Act, took exactly two trading days to achieve a value of more than a billion dollars.
The jump in the company’s market cap is particularly noteworthy given how many highly valued private companies have seen their private share prices knocked down in recent months, and that the IPO market generally has been quiet in 2016. Elio went public over the summer, raising $17 million from 6, 600 unaccredited investors, using a crowdfunding platform called StartEngine. (An unaccredited investor has a net worth of less than $1 million, or an annual income less than $200, 000.)