Tesla CEO Elon Musk converted 304 million stock options from his 2018 compensation plan.
The conversion yielded approximately 286 million shares. The transaction resulted in a paper gain of roughly $116 billion. This exercise solidifies Musk's ownership stake in the company at approximately 19.9%.
Musk executed the options at an adjusted price of $23.34 per share. The move concludes a controversial remuneration package that faced years of legal and shareholder scrutiny.
Institutional investors including ARK Invest recently increased their holdings in the company. These purchases underscore market confidence in Tesla's future growth prospects.