According to a filing with the SEC, Tesla CEO Elon Musk has exercised an option to purchase Tesla stock and has acquired 10,500 shares.
At the beginning of this year, Tesla stock wasn’t in great shape. Following a stock split late last year, shares of the company went into freefall, nearly falling below the $100 mark. Now, as the automaker’s stock has slowly but surely recovered over the past two months, Elon Musk has acquired 10,500 shares of the company at an average stock price of $4.73.
The SEC filing, first discovered by Sawyer Merritt on Twitter, shows that Elon Musk acquired 10,500 total shares, half at $2.79 per share and the other at $6.67 per share.
NEWS: New Form 4 from Elon Musk tonight showing some small equity grants being exercised.
The option award was granted as part of Tesla’s company-wide patent incentive program, and the total number of shares subject to the option was vested and https://t.co/HQbdwsWtda… https://t.co/aMViXOfPAb pic.twitter.com/3TNVHaczrD
— Sawyer Merritt (@SawyerMerritt) March 11, 2023
According to the SEC filing, “The option award was granted as part of Tesla, Inc’s company-wide patent incentive program, and the total number of shares subject to the option was vested and exercisable on the grant date of the option.” The shares were acquired on March 8th, but no specific time was made public.
Elon Musk isn’t the only one taking the opportunity to purchase Tesla stock while it is at what many consider a bargain price. Earlier this week, infamous Tesla bull Cathie Wood of Ark Invest purchased a significant number of shares for her ETF, adding to her already massive accumulation of shares.
Despite these series of purchases, Tesla stock has still not fully recovered from its fall since its stock split in August last year. And in more bad news for investors, the past 30 days haven’t been great either, with Tesla stock continuing to fall 16.9%.
Many hope that with the upcoming Q1 report, Tesla stock will be able to rebound with the help of a strong production and delivery report. However, with the economy overall still on the edge of recession, Tesla will need to show significant improvement if it hopes to truly wow investors.
William is a Tesla shareholder.
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