Elon Musk Boosts Voting Power at Tesla
Elon Musk exercised approximately 304 million Tesla options last week, increasing his voting power to nearly 20%. The options, from a 2018 compensation award, had a split-adjusted strike price of $23.34. On the day of the transaction, Tesla’s stock closed near $405.
This move comes shortly after SpaceX completed the largest initial public offering in history, valued at approximately $1.8 trillion. Analyst Dan Ives estimates an 80% chance of a Tesla-SpaceX merger within a year, a scenario made more feasible by Musk’s increased voting rights at Tesla, currently at 19.9%.
Despite Tesla’s revenue rising 16% year over year to about $22.4 billion, the company produced around 50,000 more vehicles than it sold in the same period. As of now, Tesla’s market capitalization stands at about $1.5 trillion, with its stock trading at approximately 370 times earnings.
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