As Tesla’s management was starting the conference call to discuss the company’s fourth quarter financial results today, the company released a new SEC filing confirming that CEO Elon Musk exercised another $108 million worth of options just a few weeks after exercising over $100 million.
Musk added 676,000 shares to his stake in Tesla, which now stand at 29,579,342 shares. When employees and executives exercise stock options, they often sell some or all new shares upon vesting to cover the cost associated with the transaction, but for his last transaction, Musk actually paid the difference out-of-pocket.
A Tesla spokesperson added at the time:
“This week Elon increased his investment in Tesla. He exercised and held 532,000 stock options, which is approximately $100M in current value. Elon did not sell any shares even though he had to pay more than $50M of taxes in connection with the exercise. Instead of selling, he used cash to pay both the taxes and the exercise price.”
And it seems like he did it again today since the company didn’t report any sales of Tesla’s common stock from Musk. His new shares were exercised at $6.63, just like last month’s transaction, but with taxes, the total cost must have been over $50 million again.
Most of his shares come from early investments in the company. Musk participated and led most of Tesla’s rounds of funding up until it went public in 2010, but he also frequently invested in Tesla since the company is publicly traded. Most recently during Tesla’s secondary offering in August of last year.