Current Former Tesla Board Members Benefit From Stock Market Rally – .

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Current Former Tesla Board Members Benefit From Stock Market Rally – .


FILE PHOTO: A Tesla logo is seen at the Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS / Aly Song

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.

Report by Hyunjoo Jin in San Francisco, Nivedita Balu in Bangalore and David Shepardson in Washington; Editing by Marguerita Choy and Stephen Coates

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