Current, former Tesla board members cash in on stock rally

Current, former Tesla board members cash in on stock rally
Current, former Tesla board members cash in on stock rally   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By Hyunjoo Jin and Nivedita Balu</p> <p><span class="caps">BANGALORE</span>/SAN <span class="caps">FRANCISCO</span> -Tesla Inc board member Ira Ehrenpreis sold shares of the electric carmaker worth more than $200 million on Wednesday, after the stock crossed the $1,000 mark for the first time to hit a record, according to filings.</p> <p>Antonio Gracias, a former Tesla board member whose term expired earlier this month, also filed his planned sale of $610 million worth of shares on the same day, filings showed. </p> <p>Tesla became the fifth company to hit the trillion-dollar benchmark on Monday following a deal with rental car company Hertz and after it recorded its best quarterly revenue and profits.</p> <p>Independent director Ehrenpreis exercised options to buy 370,000 shares at about $50 each on Wednesday before their expiration in June next year, filings with the U.S. Security and Exchange Commission showed. </p> <p>The venture capitalist who has been a member of the Tesla board since May 2007 then sold 203,429 shares for as high as $1,068.38 a pop. The shares are worth about $214 million, according to Reuters’ calculation. </p> <p>Gracias, chief executive officer 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 he holds indirectly via <span class="caps">AJG</span> Growth Fund, the filings showed.</p> <p>He had been a member of the board since May 2007 before his term expired in October. Known as a close friend of Tesla <span class="caps">CEO</span> Elon Musk, he is a director of SpaceX and was a director of SolarCity until its acquisition by Tesla in 2016. </p> <p>Current and ex-board members including Musk stand to reap windfall gains from Tesla’s stock rallies, with a large number of stocks and stock options.</p> </div>