Elon Musk exercises several options, selling an additional $ 973 million of Tesla shares to pay taxes

  • Tesla’s CEO Musk bought 2.1 million shares worth $ 2.2 billion at Tuesday’s closing price of $ 1,054.73 per share. shares.
  • He also sold 934,091 shares for $ 973 million to pay taxes, SEC records show.
  • Over the past week, Musk has sold about 8.2 million Tesla shares for about $ 8.8 billion.

Tesla CEO Elon Musk sold a further $ 973 million in shares to pay taxes after exercising options on Tuesday, records showed after the electric car maker’s shares rose again during ordinary trading.

Musk bought $ 2.1 billion worth of $ 2.2 billion at Tuesday’s closing price and sold $ 934,091 for $ 973 million to pay taxes, SEC documents showed.

In a sectoral growth led by Rivian Automotive Inc and Lucid Group Inc, Tesla Inc rose 4.1% to close at $ 1,054.73, leaving a market value of about $ 187 billion since before Musk began selling shares last week.

Rivian’s share has risen 15%, with the electricity producer now rising over 120% since the first public offering last Wednesday.

Rivian revealed in an application on Tuesday that its insurers bought an additional 22.95 million shares, increasing the overall size of the listing. Including these shares, Rivian’s market capitalization rose to $ 153 billion, overtaking Volkswagen AG by $ 14 billion, making the company Irvine, California, the world’s third most valuable automaker. Tesla

market value

darkens it for the top 8 rival automakers combined.

Lucid rose nearly 24% after saying that reservations for its cars rose to 13,000 in the third quarter and that it is confident it will produce 20,000 of its upcoming Lucid Air sedans by 2022.

The gain in Lucid’s shares raised its stock market value to $ 90 billion, overtaking Ford Motor Co. leaving $ 1 billion from General Motors Co.

Over the past week, Musk has sold about 8.2 million Tesla shares for about $ 8.8 billion. These sales fulfill almost half of his promise on Twitter to sell 10% of his stake in Tesla.

Musk began selling shares last week after hovering the idea in a Twitter poll.

With electric car manufacturers increasingly in demand on Wall Street, Tesla’s share has risen more than 150% in the past 12 months.

“There’s still a lot of buying interest because I still think investors ultimately see this as a phase and see withdrawals as an opportunity,” said Craig Erlam, senior market economist at OANDA.

“If you ask me where the stock price will be six months from now, 12 months from now? I would say it is more likely to be 20% higher than 20% lower.”

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