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Ex-Tesla president offered shares value $274 million since June 10 -SEC submitting By Reuters

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© Reuters. FILE PHOTO: Jerome Guillen, Vice President of Tesla Gross sales and Service, speaks in entrance of a Tesla S electrical automotive through the press preview day of the North American Worldwide Auto Present in Detroit, Michigan January 14, 2014. REUTERS/Rebecca Prepare dinner

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(This June 18 story corrects headline to $274 million from $247 million)

BERKELEY, Calif. (Reuters) – Lengthy-time Tesla (NASDAQ:) Inc government and president Jerome Guillen, who left thecompany earlier in June, has offered an estimated $274 millionworth of shares after exercising inventory choices since June 10,in keeping with a submitting with the Securities and ExchangeCommission (SEC).

The submitting, which was submitted to the SEC on Tuesday, saidthat Guillen anticipated to promote 215,718 shares for $129 millionthat day, and that he offloaded one other 145,289 shares value$89.6 million on June 14, and 90,111 shares value $55 million onJune 10.

“It may elevate some eyebrows for traders,” WedbushSecurities analyst Daniel Ives mentioned, including that traders aregoing to observe intently to see if he sells extra.

Guillen, a former Mercedes engineer who was with Tesla since2010, oversaw the corporate’s total autos enterprise beforebeing named president of the Tesla Heavy Trucking unit in March.He left the corporate on June 3.

The departure of Guillen, one among Tesla’s prime 4 leaders,together with CEO Elon Musk, has sparked market issues aboutTesla’s future car applications just like the Semi electrical trucksand new batteries known as 4680 cells.

Inventory choices give workers and executives the correct to buytheir firm’s inventory at a specified value for a sure periodof time. When share costs rise above the train value, theycan purchase the shares at discounted costs.

It was not instantly identified how a lot Guillen paid toexercise the choices.

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