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

Stock MarketsJun 19, 2021 09:50AM ET
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2/2 © Reuters. FILE PHOTO: Jerome Guillen, Vice President of Tesla Sales and Service, speaks in front of a Tesla S electric car during the press preview day of the North American International Auto Show in Detroit, Michigan January 14, 2014. REUTERS/Rebecca Cook 2/2

BERKELEY, Calif. (Reuters) - Long-time Tesla (NASDAQ:TSLA) Inc executive and president Jerome Guillen, who left the company earlier in June, has sold an estimated $274 million worth of shares after exercising stock options since June 10, according to a filing with the Securities and Exchange Commission (SEC).

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

Guillen, a former Mercedes engineer who was with Tesla since 2010, oversaw the company's entire vehicles business before being 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 Chief Executive Elon Musk, has sparked market concerns about Tesla's future vehicle programs like the Semi electric truck and new batteries called 4680 cells.

Gordon Johnson, an analyst at GLJ Research, estimated that Guillen has cut his exposure to Tesla from 1.3 million shares a weak ago to about 150,000 as of Friday.

“Should TSLA be on the verge of technological and autonomous breakthroughs and breakout 2Q21E deliveries/earnings, as well as EV domination, why has what many assumed was the second most important person at the company (i.e., Jerome Guillen) sold $274mn worth of TSLA stock," he said in a report.

"It could raise some eyebrows for investors," Wedbush Securities analyst Daniel Ives said, adding that investors are going to watch closely to see if he sells more.

Stock options give employees and executives the right to buy their company's stock at a specified price for a certain period of time. When share prices rise above the exercise price, they can buy the stocks at discounted prices.

It was not immediately known how much Guillen paid to exercise the options.

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

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Comments (10)
Alan Rice
Alan Rice Jun 20, 2021 1:22PM ET
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Why work ??
재훈 이
재훈 이 Jun 19, 2021 10:03PM ET
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tesla a huge manipulation I believe Charlie munger.
James Franigan
James Franigan Jun 19, 2021 12:54PM ET
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Telsa shares are even more garbage than their cars. Micro company with Giga valuation run by a psychopath magalomaniac
HD HD
HD HD Jun 19, 2021 12:54PM ET
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you sound bitter.
Chris Sundo
Chris Sundo Jun 19, 2021 12:54PM ET
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fully agree with you. ppl who act like trump have a downward trail coming
Vincent Li
Vincent Li Jun 19, 2021 11:20AM ET
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The meteoric rise of price has been reflected for the next 5years likely will see 30 before it starts to rise again in 5 yeara time
Todd Gray
Todd Gray Jun 19, 2021 10:19AM ET
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the only way out of this kinda stuff is to reject all the pump that overvalues the companies. if we don't buy in, these guys will have nobody to exploit. that way, they don't take our money. that way, we get to keep our money.
Ur Daddy
Ur Daddy Jun 19, 2021 10:12AM ET
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time to unload the garbage
Mark Maxwell
MaxAnalysis Jun 19, 2021 10:12AM ET
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good luck.. you're so smart you must be retired on a huge nest egg and just handing out free investment advice out of good will?
Todd Gray
Todd Gray Jun 19, 2021 10:12AM ET
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if the modern man can only be motivated to create through massive financial incentives, most of us are in big trouble. 46% of AMC shares are owned by institutions. do you think the AMC pump is really about retail traders, or those institutions selling into the meme pump to dump their 46% ownership at vast profits, leaving many meme traders broke, plus with margin call debt.
Matt Brackley
Matt Brackley Jun 19, 2021 10:12AM ET
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I think most have woken up to this after this past week. They are trapped. Bear market possibility in next 2 months. Buy the dip...heheheh
Barak David
Barak David Jun 19, 2021 4:28AM ET
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Apple asked Sandy Munro before hiring him.. i think we are about to see Guillen as head of the Apple's Titan project
Barak David
Barak David Jun 19, 2021 4:28AM ET
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*asked him to sell his Tesla shares before hiring him
Nison Kay
Nison Kay Jun 19, 2021 3:05AM ET
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wow either he was desperate for money or he knows where the future is headed.
Mark Maxwell
MaxAnalysis Jun 19, 2021 3:05AM ET
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or perhaps he's going to work for a competitor
Enron Mask
Enron Mask Jun 18, 2021 11:11PM ET
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Clear signal where webare heading..
 
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