Tesla CEO Elon Musk thinks shares of his motor company are headed upward.
That’s the apparent message reporters received this afternoon from Tesla’s PR machine, which sent out an alert that Musk exercised 532,000 of his options in the company, or about $100 million worth, earlier today.
According to an SEC filing, the options were exercised at $6.63 a piece, which would have produced $98 million for Musk had he sold the shares. They’re currently trading at $191 per share.
Of course, Musk, who is widely celebrated for his unwavering belief in his companies, didn’t sell the shares. Instead, he’s hanging on to them and, according to the company, he used more than $50 million in cash to both pay for the options and the taxes incurred from the transaction.
Musk now owns roughly one-fifth of Tesla, which is expected to unveil its most affordable car to date, the Model 3, in March. He said earlier this week that it’s “going to be probably the most profound car that we make.”
(By the way, Bloomberg ran a great feature earlier today about everything to know about the Model 3 so far.)