Tesla CEO Elon Musk sold another $973 million in shares for taxes after options were exercised on Tuesday, documents showed after the electric car maker's shares recovered during normal trading.
According to the SEC, Musk bought 2.1 million shares worth $2.2 billion at Tuesday's closing price and sold 934,091 shares for $973 million to pay taxes.
In the sector led by Rivian Automotive Inc and Lucid Group Inc, Tesla Inc rose 4.1% to close at $1,054.73, bringing its market capitalisation down about $187 billion since Musk started selling shares last week.
Rivian's shares, as seen in Exness Forex reports, have jumped 15%, with the electric car maker's price up more than 120% since its initial public offering on Wednesday.
Rivian said on Tuesday that its underwriters had bought 22.95 million additional shares, boosting its total IPO. Including those shares, Rivian's market capitalisation rose to $153 billion, overtaking Volkswagen AG by $14 billion and making the Irvine, California-based company the third-largest carmaker in the world. Tesla's market capitalisation surpasses that of the top eight automakers combined.
Lucid's value rose nearly 24% after the company said orders for its cars rose to 13,000 in the third quarter and that it is confident it will produce 20,000 of its future Lucid Air sedans in 2022.
The increase in Lucid's stock raised its market value to $90 billion, overtaking Ford Motor Co and leaving the company $1 billion less than General Motors Co.
In the last week, Musk sold about 8.2 million Tesla shares for about $8.8 billion. These sales fulfil almost half of his promise on Twitter to sell 10% of his stake in Tesla.
Musk began selling shares last week after publicising the idea in a Twitter poll.
As demand for electric cars grows on Wall Street, Tesla shares have risen more than 150% in the past 12 months.
"There's still a lot of buying interest because I still think investors end up looking at it as a stage and seeing pullbacks as an opportunity," said Craig Erlam, senior market economist at OANDA.
"If you ask me, where will the share price be six months from now, 12 months from now? I would say it is more likely to be 20% higher than 20% lower."
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