Elon Musk Continues To Exercise Options, Sells $973.4 Million In Tesla Stock
Just as we thought a trend might be forming, it’s been broken. Elon Musk last night filed two more Form 4’s related to his stock sales of Tesla (NASDAQ: TSLA), this time breaking the routine that had started to form over the last week or so.
Yesterday, Musk continued to exercise his outstanding options in Tesla, again exercising 2.1 million of his warrants that have an exercise price of $6.24. This marks the third time that he has exercised these options this month, with 19.1 million options remaining as of last night.
He broke his trend however, in that this was the first time the options were not exercised on a Monday. Despite selling shares throughout all of last week, Musk had only sold from his direct holdings on Monday, with the remainder coming from his personal trust which holds the majority of his stake in the company.
This latest round of option exercises again saw Elon sell 934,091 shares of the company following the conversion of warrants to shares. This time he bagged $973.4 million in gross proceeds from stock sales, as compared to the $930.7 million he collected yesterday. Shares were sold at a range between $1,004.19 and $1,056.55.
Month to date, Elon Musk has sold a total of 8.23 million shares of Tesla for gross proceeds of $8.8 billion.
Tesla last traded at $1,054.73 on the Nasdaq.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.