Tesla Insider Buying Alert: Newly Crowned Automotive Head Tom Zhu Racks Up 339K Shares – Tesla (NASDAQ:TSLA)

Tesla, Inc. TSLA formally introduced its China head Tom Zhu as Vice President, Automotive Operations at its March 1 Investor Day.

A Form 4 filed by Tesla with the SEC on Tuesday showed that Zhu exercised options to buy 339,060 shares. The executive acquired 2,775 shares by exercising stock options and 336,285 shares by exercising non-qualified stock options. The purchase happened on Friday.

Derivative securities were priced at no cost and the conversion price was $180.14.

Following the two transactions, Zhu beneficially owned 339,060 shares.

In the filing, Tesla noted that these represent a part of a single option award grant with respect to 339,060 shares initially and 1/48th of the aggregate shares subject to the option with the exercisable date of May 19, 2023, became vested.

“1/48th of the shares subject to the option shall become vested and exercisable each month thereafter, so that all such shares subject to this option will be fully vested on April 1, 2027,” the filing said.

See Also: Everything You Need To Know About Tesla Stock

Zhu’s success in China has prompted Tesla CEO Elon Musk to repose more confidence in him. He has been given the charge of commissioning the company’s new Giga Mexico plant, which is under construction currently.

Under Zhu, Tesla’s Giga Shanghai came up in double quick time and has grown into the company’s key export hub in the region.

In premarket trading on Wednesday, Tesla stock fell 1.28% to $183.40, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next: Elon Musk Teases Cybertruck Progress Again: ‘Tough Product To Design … But It’ll Be Great!’

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