A sale of insider shares at $421 a share would make Mr. Musk’s rocket company the most valuable private company in the world, as it readies for a possible initial public offering next year.
Sales of expensive battery-powered cars like the Ford F-150 Lightning have stalled, forcing automakers to slow production and offer more affordable vehicles.
Ford Motor has stopped making its F-150 Lightning electric pickup truck, which starts at $55,000, and won’t say when or whether production will restart.
Tesla shareholders approved a plan to grant Elon Musk shares worth nearly $1 trillion if he meets ambitious goals, including vastly expanding the company’s stock market valuation.
Mr. Musk’s supporters say he may quit if shareholders don’t approve a trillion-dollar package. Some investors say it’s excessive and would give him too much sway.
Tesla sales in the third quarter were helped by shoppers who took advantage of a federal tax credit on electric vehicles before it expired in September.
Drivers will be able to converse with an artificial intelligence assistant while cars largely drive themselves in certain situations, the company said.
The justices on the State Supreme Court heard arguments in a long dispute about whether the Tesla chief executive’s compensation was fair to shareholders.
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