Tesla Insider Picks Worst Possible Time for Stock Dump, Loses $1 Million
By CCN: Tesla stock is enjoying a roaring rebound this week. After months of slumping, Tesla is finally revving up. TSLA shares are nearly five percent higher this afternoon and have soared more than 15 percent from the recent bottom.
One key Tesla insider is not enjoying the ride, however. That’s because Tesla Director Antonio Gracias dumped nearly all his TSLA stock at the height of the panic. According to a filing with the SEC, he unloaded 33,766 shares on June 3 at prices ranging from $177 to $186 per share. That leaves with him a laughably puny 466 share direct ownership position, though he controls other Tesla stock indirectly through investment funds.
Tesla Director Antonio Gracias’ Million-Dollar Mistake
Gracias collected an average price of $180 per share for the Tesla stock that he sold. With shares hitting $210 Thursday morning, he left $30 per share on the table in under a week. Multiplied across 33,766 shares, that would have been a cool million bucks.
Before you feel too bad for Gracias, however, consider the windfall he’s already collected from the EV giant. According to TeslaTrack, Gracias has raked in nearly $29 million from Tesla stock proceeds since last November.
Additionally, these gains come from low priced stock options. In this case, Gracias received stock at just $29.66/share, earning him a fat profit even though he appears to have panic-sold at $180 rather than waiting for the recovery.
Elon Musk Pal Exits Tesla Board
Antonio Gracias is reportedly a close friend of Elon Musk and serves on both the Tesla and SpaceX boards. However, the New York Times reported in April that Gracias wants to get off the board ASAP, leaving his position a year early:
“Antonio Gracias, a close associate of the chief executive, Elon Musk, intends to leave at [the 2020 annual shareholder convention], a year before his term ends. Mr. Gracias’s early departure must be approved by shareholders at the June 11 meeting.”
The TSLA skeptics charge that Gracias’ rapid departure from Tesla stock and governance is confirmation that the company is a sinking ship.
And they have some heavy hitters in their corner. One analyst recently thundered that Tesla is a worthless company run by a charlatan.
But for now, the bulls are in control, with Tesla stock soaring $30 in three days. If only Gracias hadn’t capitulated at the lows, he could have been a million dollars wealthier.