Elon Musk sold another $973 million of Tesla shares to pay taxes after exercising more options
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.
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 last week. 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.
Over the past week, Musk has sold about 8.2 million Tesla shares for around $8.8 billion. Those sales fulfill almost half of his pledge on Twitter to sell 10% of his stake in Tesla.With electric-car makers increasingly in demand on Wall Street, Tesla's stock has surged more than 150% in the past 12 months.
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