BANGALORE / SAN FRANCISCO (Reuters) – Tesla Inc board member Ira Ehrenpreis on Wednesday sold shares in the electric carmaker worth more than $ 200 million, after the stock broke through for the first time the $ 1,000 mark to hit a record, according to documents.
Antonio Gracias, a former Tesla board member whose term expired earlier this month, also filed his $ 610 million share sale plan on the same day, according to the reports. documents.
Tesla became the fifth company to hit the $ 1 billion benchmark on Monday following a deal with car rental company Hertz and posting its best quarterly revenue and profits.
Independent director Ehrenpreis on Wednesday exercised options to purchase 370,000 shares at about $ 50 each before they expire in June next year, according to documents filed with the US Security and Exchange Commission.
The venture capitalist who has been a member of Tesla’s board of directors since May 2007 then sold 203,429 shares for up to $ 1,068.38 apiece. The shares are worth around $ 214 million, according to Reuters calculations.
Gracias, CEO of private equity firm Valor, also filed plans to sell 338,493 shares worth $ 351 million and an additional 250,000 shares worth $ 259 million that he indirectly owns. via AJG Growth Fund, according to the filings.
He had been a member of the board of directors since May 2007, before his term expired in October. Known as a close friend of Tesla CEO Elon Musk, he was a director of SpaceX and a director of SolarCity until its acquisition by Tesla in 2016.
Current and former board members, including Musk, are expected to reap windfall gains from Tesla’s stock rallies, with a slew of stocks and stock options.