© 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 of the North American International Auto Show in Detroit, Michigan Jan. 14, 2014. REUTERS / Rebecca Cook
(This June 18 story corrects the headline from $ 247 million to $ 274 million)
BERKELEY, Calif. (Reuters) – Longtime CEO and President of Tesla (NASDAQ 🙂 Inc, Jerome Guillen, who left the company in early June, has since sold an estimated $ 274 million in shares, according to a filing June 10 had exercised stock options with the Securities and Exchange Commission (SEC).
Filing with the SEC on Tuesday stated that Guillen expected to sell 215,718 shares for $ 129 million that day and that on June 14, he would sell an additional 145,289 shares valued at $ 89.6 million and on June 10, sold 90,111 shares valued at $ 55 million.
"It might raise some eyebrows among investors," said WedbushSecurities analyst Daniel Ives, adding that investors will be watching closely to see if he sells more.
Guillen, a former Mercedes engineer who has been with Tesla since 2010, oversaw the company's entire vehicle business before being named president of the Tesla Heavy Trucking unit in March. He left the company on June 3rd.
The departure of Guillen, one of Tesla's top four executives including CEO Elon Musk, has raised market concerns about Tesla's future vehicle programs like the semi-electric trucks and new batteries called 4680 cells.
Stock options give employees and executives the right to buy shares in their company at a certain price for a certain period of time. If the share price rises above the exercise price, you can buy the shares at reduced prices.
It was not immediately known how much Guillen paid to exercise the options.
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