Salem Radio Network News Saturday, July 24, 2021


Ex-Tesla president sold stocks worth $274 million since June 10 -SEC filing

(This June 18 story corrects headline to $274 million from $247 million)

BERKELEY, Calif. (Reuters) – Long-time Tesla Inc executive and president Jerome Guillen, who left thecompany earlier in June, has sold an estimated $274 millionworth of shares after exercising stock options since June 10,according to a filing with the Securities and ExchangeCommission (SEC).

The filing, which was submitted to the SEC on Tuesday, saidthat Guillen expected to sell 215,718 shares for $129 millionthat day, and that he offloaded another 145,289 stocks worth$89.6 million on June 14, and 90,111 stocks worth $55 million onJune 10.

“It could raise some eyebrows for investors,” WedbushSecurities analyst Daniel Ives said, adding that investors aregoing to watch closely to see if he sells more.

Guillen, a former Mercedes engineer who was with Tesla since2010, oversaw the company’s entire vehicles business beforebeing named president of the Tesla Heavy Trucking unit in March.He left the company on June 3.

The departure of Guillen, one of Tesla’s top four leaders,including CEO Elon Musk, has sparked market concerns aboutTesla’s future vehicle programs like the Semi electric trucksand new batteries called 4680 cells.

Stock options give employees and executives the right to buytheir company’s stock at a specified price for a certain periodof time. When share prices rise above the exercise price, theycan buy the stocks at discounted prices.

It was not immediately known how much Guillen paid toexercise the options. (Reporting by Hyunjoo Jin, additional reporting by JessicaDiNapoliEditing by Sonya Hepinstall) ((; 82-2-3704-5685; ReutersMessaging: nL3N2O03SU


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