Elon Musk sells $ 8.8 billion of Tesla shares to pay taxes on stock options

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The S&P 500 traded higher despite concerns over the rising number of COVID-19 cases in Europe.

Austria reimposed a full lockdown on Friday and made COVID-19 vaccinations mandatory after registering a record 15,145 new cases on Thursday. Airlines and other travel documents traded lower on Friday over fears the latest wave of cases could threaten vacation travel.

Lucid electric vehicle inventory has gained more than 15% following comments from CEO Peter Rawlinson that bookings for its Air sedan are skyrocketing and its 2022 production plans are on track. Neither Lucid nor Rivian, another EV startup, are yet generating significant sales, but the two companies now have a combined market cap of $ 190 billion. U.S. auto production leaders Ford and General Motors have a combined market capitalization of less than $ 170 billion.

Tesla shares also traded higher during the week, although CEO Elon Musk sold at least $ 8.8 billion in Tesla shares. Musk has pledged to sell 10% of his stake in Tesla, in part to pay taxes on more than $ 10 billion in stock options granted to him in 2012.

The price of Bitcoin fell back below $ 58,000 on Friday after Chinese officials said the country would continue its crackdown on cryptocurrency mining amid an ongoing energy crisis.

Following:Ford CEO gives employees thought-provoking data on Tesla, the challenges ahead

Following:Tesla’s deal with Hertz is “a huge embarrassment for mainstream automakers”

The magic of Macy’s

Shares of department store chain Macy’s rose more than 17% after the company reported higher third-quarter profits and said it was working with consulting firm AlixPartners to review its business structure.

The third quarter earnings season continues to come to a close in the shortened holiday week ahead with reports from Zoom Video Communications on Monday and Medtronic, Dell Technologies and HP on Tuesday.

More than 95% of S&P 500 companies have now posted third-quarter earnings, and 82% of those companies have beaten analysts’ earnings estimates, according to FactSet.

Economic figures

Over the coming week, investors will receive more key economic updates on Wednesday when the US Census Bureau releases its October durable goods orders report and the Federal Open Market Committee releases its minutes. last meeting.

Benzinga is a financial information and data company headquartered in Detroit.


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