Tesla's Musk exercises more options, sells $973 million for taxes
Musk sold 934,091 for $973 million to pay taxes.
(Reuters) - Tesla Chief Executive Elon Musk sold another $973 million in stock to pay taxes after exercising options on Tuesday, filings showed after the electric vehicle maker’s shares rebounded during regular trade.
Musk acquired 2.1 million shares worth $2.2 billion at the Tuesday closing price and sold 934,091 for $973 million to pay taxes, the SEC filings showed.
In a sector surge spearheaded by Rivian Automotive Inc and Lucid Group Inc, Tesla Inc rose 4.1% to close at $1,054.73, leaving its market capitalization down about $187 billion since before Musk began selling shares.
Rivian’s stock jumped 15%, with the EV maker now up over 120% since its initial public offer last Wednesday.
Rivian disclosed in a filing on Tuesday that its underwriters bought 22.95 million additional shares, boosting the total size of the IPO. Including those shares, Rivian’s market capitalization rose to $153 billion, overtaking Volkswagen AG by $14 billion and making the Irvine, California, company the world’s third-most valuable carmaker. Tesla market cap eclipses that of top 8 rival carmakers combined.
