Elon Musk exercises more options, sells Tesla shares worth $1.01 billion
- Tesla Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.
- Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.
Tesla Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.
In early November, the world's richest person tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.
Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.
Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.
Read more about electric vehicles from CNBC Pro
Wolfe downgrades Ford amid EV push, says stock's surge will slow in 2022
Cathie Wood gives the 2022 outlook for her funds and talks Tesla, Rivian, metaverse and more
There’s a ‘great battery race’ ahead says Goldman Sachs. These stocks will win
Thermo Fisher-PPD Merger Gets Clearance From CMA – Quick Facts
The Competition and Markets Authority or the CMA in the UK, has cleared the anticipated acquisition by Thermo Fisher Scientific Inc. of PPD, Inc. The CMA has decided, on the information currently available to it, not to refer the merger to a phase 2 investigation.
In April 2021, Thermo Fisher and PPD, Inc. announced a definitive agreement under which Thermo Fisher will acquire PPD for $47.50 per share for a total cash purchase price of $17.4 billion plus the assumption of approximately $3.5 billion of net debt.
I(x) Net Zero To Float On AIM – Quick Facts
i(x) Net Zero PLC said it plans to launch an initial public offering on AIM including a fundraising by way of a placing, subscription and primarybid offer of new ordinary shares of no par value of the company to raise gross proceeds of approximately 20.0 million pounds. Admission is anticipated to occur in late December 2021.
i(x) is an investing company that provides its shareholders and investors the opportunity to create long-term capital growth with measurable and sustainable impact on the environment and on the communities it serves.
FTC To Block Nvidia-Arm Deal To Protect Critical Infrastructure Markets From Illegal Vertical Merger
The Federal Trade Commission announced it has sued to block Nvidia Corp.’s $40 billion acquisition of Arm Ltd. to prevent a chip conglomerate from stifling the innovation pipeline for next-generation technologies. As per the complaint, the acquisition will harm competition in three worldwide markets in which Nvidia competes using Arm-based products.
“This proposed deal would distort Arm’s incentives in chip markets and allow the combined firm to unfairly undermine Nvidia’s rivals. The FTC’s lawsuit should send a strong signal that we will act aggressively to protect our critical infrastructure markets from illegal vertical mergers,” said FTC Bureau of Competition Director Holly Vedova.
The complaint names Nvidia, Arm, and Arm owner Softbank Group Corp. The trial is scheduled to begin on August 9, 2022.
Aurubis FY Profit Rises; Revenue Up 31% – Quick Facts
Aurubis Group (AIAGY.PK,AIAGF.PK) said it increased operating earnings before taxes (EBT) by 60% to 353 million euros in fiscal 2020/21 from 221 million euros, prior year. On an operating basis, net income increased to 266 million euros from 167 million euros. Operating earnings per share was 6.10 euros compared to 3.73 euros.
On an IFRS basis, net income increased to 613 million euros from 265 million euros. IFRS earnings per share was 14.03 euros compared to 5.95 euros.
Fiscal year revenues increased by 31% to 16.30 billion euros from 12.43 billion euros, last year. The company said this development was primarily due to higher copper prices in comparison to the previous year. Higher sales of copper products, with a high price level at the same time, had a positive impact as well, the company noted.
For fiscal 2021/22, the company expects an operating EBT between 320 million euros and 380 million euros.
Gold Set For Third Weekly Loss On Hawkish Fed Talk
Gold prices rose on Friday, but headed for a third consecutive weekly loss following a more hawkish stance of U.S. Federal Reserve officials on stimulus tapering and interest rate rises.
Spot gold edged up 0.1 percent to $1,770.26 per ounce, after having hit its lowest in nearly a month on Thursday amid the prevailing dollar strength and an incredibly hawkish tone of the Fed chair. U.S. gold futures were up half a percent at $1,770.60.
The dollar firmed against a range of currencies after more hawkish remarks from U.S. central bankers, with San Francisco Fed President Mary Daly saying it may be time to pull rate hikes forward to combat inflation.
Richmond Fed President Thomas Barkin also said that he’s supportive of normalizing policy.
The Labor Department’s closely-watched monthly jobs report as well as separate reports on service sector activity and factory orders will be in the spotlight later today as investors await further insights into stimulus tapering and interest rate rises.
If non-farm payrolls figures are strong, it could add to the dollar strength and gold could slide further towards $1,750 levels, analysts said.