BANGALORE/SAN FRANCISCO, Oct 29 (Reuters) – Tesla Inc (TSLA.O) 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.
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.
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.
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.
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 AJG Growth Fund, the filings showed.
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.