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BERKELEY, Calif., June 18 (Reuters) – Jerome Guillen, the longtime director and president of Tesla Inc (TSLA.O), who left the company earlier in June, has sold an estimated $274 million worth of stock after exercising stock options since June 10, according to a filing with the Securities and Exchange Commission (SEC).
The filing, filed with the SEC on Tuesday, said Guillen expected to sell 215,718 shares that day for $129 million, and that it would buy another 145,289 shares worth $89.6 million on June 14 and 90,111 shares on June 10. worth $55 million sold.
“It could raise some eyebrows for investors,” said Wedbush Securities analyst Daniel Ives, adding that investors will be watching closely to see if he sells more.
Guillen, a former Mercedes engineer who has worked at Tesla since 2010, oversaw the company’s entire automotive business before being named president of the Tesla Heavy Trucking unit in March. He left the company on June 3. read more
The departure of Guillen, one of Tesla’s top four leaders, including CEO Elon Musk, has the market concerned about Tesla’s future vehicle programs, such as its semi-electric trucks and new batteries called 4680 cells.
Stock options give employees and executives the right to buy shares of their company at a specified price for a specified period of time. When stock prices rise above the strike price, they can buy the stock at discounted prices.
It was not immediately known how much Guillen paid to exercise the options.
Reporting by Hyunjoo Jin, Additional Reporting by Jessica DiNapoli Editing by Sonya Hepinstall
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