Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk gained more than 300 million shares of the EV giant’s stock as part of his 2018 CEO Compensation Award, which takes his voting rights in Tesla to approximately 19.9%.
Elon Musk Gains Tesla Shares
In a Form 4 filing with the SEC on June 16, Musk exercised his stock options as part of the 2018 CEO award, gaining over 303,960,630 shares of the EV giant at $23.34/share.
The original agreement granted Musk 20,264,042 shares at $350.02/share, but Tesla's stock split 5-for-1 in 2020 and then 3-for-1 in 2022, which adjusted Musk’s grant down to 303,960,630 shares at $23.34/share, the filing states.
However, Tesla withheld over 17.53 million shares as settlement for the transaction, with each share worth $404.66, according to the filing, worth close to $7.1 billion. “The transaction did not involve any open-market sales of securities,” the SEC filing clarifies.
The filing also states that the shares will vest in 2028 and Musk’s net gain of new shares stands at over 286,428,773 shares of Tesla.
The Form 4 filing states that Musk now owns over 727,704,534 shares, including 423,743,904 shares gained by Musk through the 2025 CEO award approved in November last year.
However, Musk’s 13G filing shows that the CEO owns 699,580,882 shares, which accounts for 19.9% voting power in the EV giant.
Elon Musk Now Worth More Than $1 Trillion
Musk’s net worth has surpassed the $1 trillion mark, reaching $1.3 trillion following Space Exploration Technologies Corp.‘s (NASDAQ:SPCX) blockbuster IPO last week.
Musk is now worth more than the combined net worths of Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos ($255.5 billion), as well as Oracle Corporation (NYSE:ORCL) CEO Larry Ellison ($241.4 billion) and more.
Notably, SpaceX is also worth more than 12 aerospace and defense companies listed on the S&P 500 index, including Boeing Co. (NYSE:BA), RTX Corp (NYSE:RTX), and more.
Texas DOT Backs Cybercab
The Texas Department of Transportation (DOT) Executive Director, Marc Williams, hailed Tesla’s Cybercab, with its lack of driver controls and novel design, as a "significant shift in mobility and vehicle design."
According to Benzinga Edge Rankings, Tesla provides excellent Growth and Quality, while also offering a favorable price trend in the Short, Medium and Long term.
Price Action: Tesla shares were up 0.33% to $397.66 during the after-hours trading on Wednesday.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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