San Francisco: Despite CEO Elon Musk continuing to sell shares, electric vehicle giant Tesla has managed to maintain its $1 trillion market cap, media reports said.
In a new SEC filing, the automaker disclosed that Elon Musk exercised another tranche of 2.1 million stock options and sold roughly half of them again. It brings the total sale of stock from Musk to around $8 billion over the last week.
According to the auto-tech website Electrek, he is still less than halfway through his sale if he sticks to his plan of selling 10 per cent of his holding.
The move has been putting pressure on Tesla’s stock price, which happened to reach a new all-time high and valuation of over $1 trillion just before Musk announced the sale, the report said.
The CEO also questioned the new increase in valuation based on Hertz ordering 100,0000 Tesla vehicles, it added.
Since Musk started selling, the stock briefly dipped below its new $1 trillion dollar valuation, but Tesla’s stock was up 3 per cent on November 16 — solidifying the company’s $1 trillion market cap.
On top of Tesla’s stock, Rivian has been on a significant uptrend since going public last week.