Shares of Tesla (TSLA) are up 7% today to return to more than $ 1 trillion in market valuation. The reason for the increase appeared to be that Elon Musk said he had finished selling the shares, but the CEO corrected his statement.
Since Musk announced that he will sell 10% of his stake in Tesla, the company’s stock has been suffering. Earlier this week, it lost its incredible earnings after its announcement that Hertz will buy 100,000 Model 3 cars, pushing Tesla shares above $ 1 billion for the first time.
But there was a reversal yesterday and today. Shares of Tesla are up 7%, which is fierce for a company of value. The stock has now surpassed $ 1,000 a share, bringing it down to a market capitalization of over $ 1 billion:
Today’s boom came on a slow news day, and the main new piece of information contributing to the price spike appears to be Musk, who says he believes he has sold enough shares to meet his statement that he will sell 10%. of his Tesla shares.
As we reported today, it appears that you did not sell 10% of your stake based on how many shares you owned in Tesla when you made the announcement. But Musk has already sold more than 13 million Tesla shares in the past month, putting direct pressure on the stock beyond the CEO’s incorrect signal of a stock sale, even if primarily to pay taxes.
Musk said on Twitter this afternoon that he still had some stock options to exercise:
“When the pre-programmed 10b sales are done. There are still some deliveries, but they are almost complete. “
In its latest Tesla filing, the company revealed that Musk still had 2,637,455 stock options to exercise under a plan drawn up in September. However, it appears that Musk will not sell additional shares beyond what was part of his compensation plan.
Shares of Tesla are now rebounding with their revaluation to more than $ 1 billion amid many conversations about car and electric vehicle startup valuations. It has also recently gone public, Rivian is currently valued at $ 85 billion, making it one of the most valuable automakers in the world, even though it has only shipped a handful of cars.
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