Elon Musk Acquires 10,500 Tesla Shares After A Selling Spree

Elon Musk exercises options to acquire 10,500 Tesla shares

March 11, 2023 Story: Ramsha Naushad

Tesla CEO Elon Musk has exercised options to acquire 10,500 shares of the electric-vehicle maker, US securities filing showed on Friday.

[{"selector":"#anim-3ec2ab0f-2af8-4e07-814c-6fda2cec2374","keyframes":{"transform":["translate3d(115.84158%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4166eed1-483d-440e-b309-223bf2a94920","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aca02f8f-8c85-463b-b1bf-7a2ebeba72b9","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The development comes a month after it was revealed that the billionaire gave around 11.5 million shares of his stake in Tesla, worth about $1.9 billion, to charity last year.

[{"selector":"#anim-cb1d6d56-2cf3-4f81-ab74-8a191fd099f9","keyframes":{"transform":["translate3d(117.82179%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4fddf4dd-0eb9-4e1b-a2dc-82972398d5b7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7e6a9ace-8eb6-481d-b96f-a7ac6cd8383d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Musk owns roughly 13% of Tesla.

[{"selector":"#anim-2039a5e5-50fc-4a7c-91f5-95e3ca55d0c0","keyframes":{"transform":["translate3d(121.25436%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6b8c5a3e-01dc-47e1-a953-97a0c4331424","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f97dd70f-6335-447c-943d-a62c04ce656e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Earlier, Reuters reported that the shares are worth about $49,665 but removed the reference later.

[{"selector":"#anim-171aa73e-43bb-458c-943e-d6ac6841f602","keyframes":{"transform":["translate3d(122.53521%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53927558-4af2-40c5-ae4c-e586d21c2094","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c46fb536-a86c-4d4b-af91-3745d4be0ab8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Tesla stock dropped 3% on Wednesday, falling for the third consecutive day in this week.

[{"selector":"#anim-b60cc53d-f293-4b71-b710-987748a28299","keyframes":{"transform":["translate3d(116.04096%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e61ac947-8d2e-470d-88c7-bb3b0723e26b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7eb49f65-c70f-4ae6-964e-c0a520407d35","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The stock performed worse than the market, but pinning down the exact reason for the underperformance is hard.

[{"selector":"#anim-da6a095e-f6fc-43f5-8e21-3e567eab973a","keyframes":{"transform":["translate3d(121.10727%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b295e383-bcb6-4942-a8f3-5268eb4cd77c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-79e468b6-e55b-4f0b-aaba-778adf92451b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Shares are now down about 8% since the March 1 analyst event.

[{"selector":"#anim-825fefb9-feb4-4443-a38e-de96d6e539df","keyframes":{"transform":["translate3d(115.94685%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2d3728aa-7777-4764-9211-f373b443d8df","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc8bb278-4725-46e3-addb-e5cab841d8d5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-7413f004-e29d-423c-a41e-2c798a644ad0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-58548e69-9194-47e3-bf8f-9eacc52be5ad","keyframes":{"transform":["translate3d(-99.04762%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Tesla, of course, has cut prices dramatically for its vehicles in 2023, which, in a way, prompted a price downgrade.

[{"selector":"#anim-552c4a54-697c-4378-812b-cf4b1de9aa65","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6b369bd0-aa82-4d90-9b89-bdb4dc921bda","keyframes":{"transform":["translate3d(-95.36424%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-948e0d87-a960-48e7-9334-eae3268c5507","keyframes":{"transform":["rotate(-359deg) translate3d(275.40975%, 0px, 0) rotate(359deg)","rotate(-359deg) translate3d(0px, 0px, 0) rotate(359deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-88cc9bee-29a1-4da0-9956-8b29fb4ba621","keyframes":{"transform":["rotate(-359deg) rotateZ(180deg) rotate(359deg)","rotate(-359deg) rotateZ(0deg) rotate(359deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Read More Stories