Elon Musk-owned electric vehicle company Tesla has surged 7 per cent to rise back to over $1 trillion in market valuation, media reports said.
According to the auto-tech website Electrek, ever since Musk announced that he will sell 10 per cent of his stake in Tesla, the company’s stock has been suffering.
Earlier this week, it lost the incredible gains it made following the announcement that Hertz would be buying 100,000 Model 3 vehicles, which pushed Tesla’s stock to over $1 trillion, the report said on Wednesday.
In Tesla’s last filing, the company disclosed that Musk still has 2,637,455 stock options to exercise as part of the plan set in September. However, it sounds like Musk won’t be selling any additional shares other than what was part of his compensation plan, as per the report.