Tesla CEO Elon Musk sold another $973 million in stock to pay taxes after exercising the option on Tuesday. Documents show that the electric car manufacturer’s stock rebounded in regular trading.
The US Securities and Exchange Commission documents show that Musk bought 2.1 million shares worth $2.2 billion at Tuesday’s closing price and sold 934,091 shares for $973 million to pay taxes.
In the soaring industry led by Rivian Automotive Inc and Lucid Group Inc, Tesla Inc rose 4.1% to close at US$1,054.73, and its market value has fallen by approximately US$187 billion since Musk began selling shares.
Rivian’s share price has risen 15%, and since last Wednesday’s initial public offering, the electric car manufacturer’s share price has now risen by more than 120%.
Rivian disclosed in a document on Tuesday that its underwriters purchased an additional 22.95 million shares, expanding the total size of the IPO. Including these stocks, Rivian’s market value increased to 153 billion U.S. dollars, surpassing Volkswagen by 14 billion U.S. dollars, and made the Irvine, California company the third most valuable car manufacturer in the world. Tesla’s market value exceeds the combined value of the top 8 rival automakers.