Investor's Corner
Who Are the Top 4 Tesla (TSLA) Shareholders?
Recent articles covering the top TSLA shareholders have concentrated on their percentage of the company shares. My interest is in the recent trading patterns, mostly involving options exercises, of these top shareholders. Here are the results on my analysis.
Elon Musk
I really do not need to give a bio of Elon. If you read this site you know everything about the man. He is the CEO of Tesla Motors and SpaceX, and the Chairman of SolarCity.
Prior to the recent secondary Public offering, he owned about 29.57 million shares. His involvement in the latest offering included 3 major transactions: (1) the exercise of stock options to acquire 5,503,972 shares of Tesla’s common stock, (2) the sale of 2,782,670 shares of TSLA common stock and (3) donating 1,200,000 shares of common stock to charity. If one also adds all of Mr. Musk shares plus all shares issuable to Musk if all options vested and exercisable within 60 days after March 31, 2016 were hypothetically exercised, Musk has beneficial ownership of 33,738,794 (33.73 million) shares or 22.5% of Tesla’s common stock.
Antonio J. Gracias
Antonio J. Gracias serves as Chief Executive Officer and Chairman of the Investment Committee of private-equity-fund operator Value Equity Partners. His duties include overall responsibility for the Firm’s management, operations, and investing. He also sits on the boards of Tesla Motors (a company in which Valor invests), SolarCity and SpaceX.
According to his bio on the Tesla Investors site, “Mr. Gracias holds a joint B.S. and M.S.F.S. (honors degree) in International Finance and Economics from the Georgetown University School of Foreign Service. He also studied corporate structures and economic development at Waseda University in Tokyo, Japan. Prior to completing his Masters, Mr. Gracias returned to Japan as a Nikko Securities Fellow. Mr. Gracias holds a J.D. from the University of Chicago Law School. He is fluent in Spanish, proficient in Portuguese, and has a working knowledge of Japanese.”
In 2013, Mr Gracia was one of the subjects of the Wall Street Journal article “Directors Take Shelter in Trading Plans.”
According to the article, “These plans—opaque documents about which little is disclosed to regulators or the public—increasingly are moving beyond the executives for whom they were chiefly devised and finding favor with a different variety of insider: members of boards of directors, including some who run investment funds. Non-executive directors’ [such as Antonio J. Gracias] use of so-called 10b5-1 trading plans, which lay out future stock trades at set prices or on set dates, has jumped 55% since 2008, a Wall Street Journal analysis of regulatory filings found. […] Valor set up a 10b5-1 plan in November 2011 and Mr. Gracias reported the sale of 927,205 of Valor’s Tesla shares from March 9 through March 20, 2012, regulatory filings show [FORM 4]. In those 11 days, Valor sold $32 million of Tesla stock, more than half its stake. Tesla’s stock price soon got hit.’
There is no requirement to disclose the terms of trading plans. Even their existence often remains hidden. Tesla does report these types of transaction in FORM 4 disclosures.
Looking at the FORM 4 disclosures, a.k.a. Statement of Beneficial Ownership, for Antonio J. Gracias available on Tesla investor web site, for the past year, I discovered that he received several Non-Qualified Stock Option awards for his work as Director of Tesla: 50,000 with exercise of $261.89 on 6/18/2015, 51,000 with exercise of $250.69 on 6/12/2015. All these options are currently “under water” (below the current stock price) and effectively worthless, until the stock moves above the exercise price.
On 6/2 and 6/3, 2014 Antonio J. Gracias sold about $3 million of TSLA stock owned through his Trust and the AIJ Growth Fund.
As of May 15, 2016, Antonio Gracias held 254,647 shares of Tesla, which were worth approximately $56.5 million, and represent about 0.18% of Tesla’s common stock.
Kimbal Musk
According to Tesla Investors web site, “Kimbal Musk is CEO of Medium, Inc, an internet software company based in Boulder, Colo. Prior to Medium, he has been involved in many young businesses. Mr. Musk and his brother, Elon, started their first company, Zip2, an early content management company for the Internet, 1995. It was the first company to bring vector-based maps and door-to-door directions to the internet, and it built the online content management systems behind more than 100 media companies, including The New York Times. Zip2 was sold for $307 million in cash in 1999, one of the largest transactions of its kind in the internet industry.”
He sits on the board of Tesla Motors and SpaceX.
Looking at his latest filed FORM 4, Statement of Beneficial Ownership, on 5/2/2016 he exercised 5,555 non-qualified stock options, with exercise price of $29.6, and sold them at a $1.15 million profit.
As of May 15, 2016, Musk Kimbal held 152,325 shares of Tesla, which are worth approximately $33.81 million, and represent about 0.10% of Tesla’s common stock.
Jeffrey B. Straubel
Like Elon Musk, Jeffrey B. Straubel also known as “JB” needs no introduction as Chief Technology Officer of Tesla Motors.
According to the company’s Investors page, “As a co-founder of Tesla, JB has overseen the technical and engineering design of the vehicles, focusing on the battery, motor, power electronics, and high-level software sub-systems. Additionally, he evaluates new technology, manages vehicle systems testing, and handles technical interface with key vendors.”
Looking at the FORM 4 filings of the last couple of years for Jeffrey B. Straubel, two things are interesting to note. First on 4/11/2016 he was awarded 1,837 ISOs (Incentive Stock Options) and 61, 771 NSOs (Non-qualified Stock Options), at an exercise price of $249.92. As with Antonio Gracias, these options are underwater, and worthless at the moment, given the current stock price.
Secondly, between May 2015 and December 2015, Jeffrey B Straubel, set up pre-determined Rule 10b5-1 Trading Plan, where he would exercise and sell about 10,000 options in almost every month, on the 15th of the month. Accordingly, he exercised and sold 75,000 shares of stock, at prices between $206 and $263, for a total profit of about $17.8 million. Not too shabby for the tech guy.
As of May 15, 2016, Jeffrey B. Straubel held 242,818 shares of Tesla, which are worth approximately $53.90 million, and represent about 0.17% of Tesla’s common stock.
Technical Analysis
Looking at today’s $TSLA stock action, TSLA is having a flat day like the rest of the market. The stock is still above the 200-day moving average, but the candle is forming a Doji, usually a sign of indecision. This could mean the end of the 10-session Heikin Ashi positive pay-day-cycle or just a pause in the up trend. I have a conditional stop at $220, that will ensure I keep some profits from the swing trade I started 12 trading-days ago.
This afternoon at 2PM PDT, the Tesla Motors Inc. 2016 Annual Shareholder’s Meeting is being held at the Computer History Museum in Mountain View, CA.. It will be streaming online at:
https://www.teslamotors.com/2016shareholdermeeting
Investor's Corner
Tesla and SpaceX get latest synopsis from Wall Street legend Ron Baron
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
Legendary investor Ron Baron says he will continue buying stock of both Tesla and SpaceX, as he continues his support behind CEO Elon Musk, who he says is a special person and “brilliant.”
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
With assets under management approaching $55–56 billion, Baron detailed his firm’s substantial holdings, outlined plans for the anticipated SpaceX IPO, and painted an exceptionally optimistic picture for both Tesla (NASDAQ: TSLA) and SpaceX, framing them as generational opportunities that will reshape industries and deliver extraordinary long-term returns.
Baron Capital’s position in SpaceX has grown dramatically since the firm began investing around 2017. What started as roughly $1.7 billion has ballooned to more than $15 billion, making it the firm’s largest holding.
Tesla ranks second, valued at approximately $5 billion in the portfolio. Together with stakes in xAI and related Musk-led ventures, these investments account for roughly one-third of Baron Capital’s $60 billion in lifetime profits since 1992. Baron emphasized that the growth stems from Musk’s singular ability to execute ambitious visions—from reusable rockets to global satellite internet and beyond.
The centerpiece of the discussion was SpaceX’s expected initial public offering, targeted for mid-2026 following a confidential S-1 filing. Baron announced plans to purchase an additional $1 billion in shares at the IPO.
Ron Baron said today that he plans on buying an additional $1 billion of SpaceX stock during the upcoming IPO:
“At the IPO price, I’ve got an order for $1 billion. I want to buy more stock at the IPO. I don’t know if we’re going to get filled, but we’re going to try. I believe… pic.twitter.com/KOv1HvYcZ0
— Sawyer Merritt (@SawyerMerritt) May 12, 2026
He described the company’s trajectory in sweeping terms: “This is going to become the largest company on the planet.”
He highlighted Starlink’s expansion of high-speed internet to every corner of the globe, the revolutionary economics of reusable rockets, and Starship’s potential to enable massive space-based data centers and interplanetary infrastructure.
Baron sees SpaceX not merely as a rocket company but as a platform poised for exponential scaling once it goes public, with post-IPO appreciation potentially reaching 10- to 20- or even 30-times current levels over the next decade or more.
On Tesla, Baron struck an equally enthusiastic note, declaring that “now is Tesla’s moment.” He projected the stock could reach $2,000 to $2,500 per share within 10 years—implying a market capitalization near $8.3 trillion and roughly 5–6 times upside from recent levels. While Tesla remains a major holding, Baron’s optimism centers on its evolution beyond electric vehicles into an AI, robotics, autonomous-driving, and energy platform.
He pointed to robotaxis, Full Self-Driving (FSD) technology, Optimus humanoid robots, energy storage, and the vast real-world data advantage from Tesla’s global fleet as catalysts that will fundamentally alter the company’s revenue model and valuation multiples. Baron views these developments as transformative, shifting Tesla from a traditional automaker to a high-margin technology and infrastructure powerhouse.
Throughout the interview, Baron’s admiration for Musk was unmistakable. He has likened the entrepreneur to a modern Leonardo da Vinci for his artistic, multidisciplinary approach to solving humanity’s biggest challenges.
Baron’s personal commitment mirrors this confidence: he has repeatedly stated he does not expect to sell a single share of his own Tesla or SpaceX holdings in his lifetime, positioning himself as the “last one out” after his clients. This stance underscores a philosophy of patient, long-term ownership rather than short-term trading.
Baron’s comments arrive at a time of heightened anticipation around SpaceX’s public debut, which could rank among the largest IPOs in history and potentially value the company at $1.5–2 trillion or more at listing.
For investors, his message is clear: the Musk ecosystem—spanning electric vehicles, autonomy, robotics, satellite communications, and space exploration—represents one of the most compelling secular growth stories of the era. While short-term volatility in tech and EV stocks may persist, Baron sees these as buying opportunities for those who share his multi-decade horizon.
In summarizing his outlook, Baron reinforced that the combination of technological breakthroughs, massive addressable markets, and Musk’s leadership creates asymmetric upside that few other investments can match.
For Baron Capital’s clients and long-term Tesla and SpaceX shareholders alike, the investor’s latest CNBC remarks serve as both validation and a call to remain patient through the inevitable ups and downs. As Baron sees it, the best days for both companies—and the returns they can deliver—are still ahead.
Elon Musk
Trump’s invite for Elon just reshuffled Tesla’s big Signature Delivery Event
Tesla rescheduled its final Model S farewell to May 20 after Musk joined Trump in China.
Tesla has rescheduled its Model S and Model X Signature Edition delivery event to Wednesday, May 20, 2026, after abruptly calling off the original May 12 celebration. The event will take place at Tesla’s factory at 45500 Fremont Boulevard in Fremont, California, the same location where the Model S first rolled off the line in 2012. Invitees received a follow-up email asking them to reconfirm attendance and download a new QR code ticket, with Tesla noting that all travel and accommodation expenses remain the buyer’s responsibility.
The reason behind the original cancellation came into focus the same day it was announced. President Trump invited Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, Boeing’s Kelly Ortberg, and executives from Goldman Sachs, Blackstone, Citigroup, and Meta to join his trip to China this week for a summit with President Xi Jinping. The agenda covers trade, artificial intelligence, export controls, Taiwan, and the Iran war, following weeks of escalating friction between Washington and Beijing over AI technology, sanctions, and rare earth exports. Trump wrote on Truth Social, “I am very much looking forward to my trip to China, an amazing Country, with a Leader, President Xi, respected by all.”
Tesla launches 200mph Model S “Gold” Signature in invite-only purchase
The vehicles at the center of all this are the last Model S and Model X units Tesla will ever build. Priced at $159,420 each, the 250 Model S and 100 Model X Signature Edition units come finished in Garnet Red with a one-year no-resale agreement, giving Tesla right of first refusal if the owner decides to sell. As Teslarati reported, the Model S defined Tesla’s early identity as a serious luxury automaker, and the Fremont factory line that built it is now being converted to manufacture Optimus humanoid robots.
Musk’s inclusion in the China delegation drew attention given his very public relationship with Trump, and the invitation signals the two have moved past and past grievances. Trump originally brought Musk on to lead the Department of Government Efficiency following his inauguration, and despite a sharp public dispute in mid-2025, the two have appeared together repeatedly in recent months. A seat on the China trip, the most diplomatically consequential visit of Trump’s current term, puts Musk back at the table on U.S. economic policy at a moment when Tesla’s China revenue remains one of the company’s most important financial pillars.
Investor's Corner
Tesla Optimus is already benefiting investors, top Wall Street firm says
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Tesla Optimus is already benefiting investors from a fiscal standpoint, at least that is what Alexander Potter at Piper Sandler, a top Wall Street firm covering the company, says.
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Analyst Alexander Potter, in the firm’s latest “Definitive Guide to Investing in Tesla,” built a comprehensive framework covering 17 separate product lines.
This granular approach values Tesla’s core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharging network, and a standalone robotaxi operation—at approximately $400 per share, without assigning any value to Optimus or related inference-as-a-service opportunities.
“At $400/share, we think investors can buy Optimus for ‘free,’” Potter stated in the note. Piper Sandler maintained its Overweight rating on Tesla shares and a $500 price target, which implicitly attributes roughly $100 per share to the robot-related businesses— a figure the analyst views as potentially conservative.
The updated model incorporates elements often overlooked by other sell-side analysts, such as detailed forecasts for Tesla’s insurance operations, Supercharger revenue, and a distinct valuation for the robotaxi business separate from FSD software licensing. It also accounts for Tesla’s 2025 CEO compensation plan for the first time.
Potter acknowledged that his estimates for 2026 and 2027 fall below Wall Street consensus, citing factors like declining deliveries from certain discontinued models and reduced regulatory credit income.
However, he expressed limited concern, noting that traditional vehicle delivery metrics are expected to matter less over time as FSD subscriber growth and robotaxi deployment metrics gain prominence. On Optimus specifically, Potter suggested the humanoid robot program, combined with inference services, “arguably will be worth more than Tesla’s other businesses combined,” though the firm has not yet produced formal long-term forecasts for these segments.
Tesla shares have traded near the $400 range in recent sessions, reflecting ongoing investor focus on the company’s autonomous driving progress and expansion into robotics and AI. The Optimus project remains in early development stages, with Tesla aiming to deploy the robots initially for internal factory tasks before broader commercial applications.
This Piper Sandler analysis highlights the growing emphasis among some investors and analysts on Tesla’s long-term technology platform potential beyond its current automotive and energy businesses.
As with any forward-looking valuation, outcomes will depend on execution timelines, technological breakthroughs, regulatory approvals for autonomous systems, and market adoption of humanoid robotics—areas that carry significant uncertainty and execution risk.
The note underscores a common theme in Tesla coverage: differing views on how to quantify emerging high-growth opportunities like robotics within the company’s overall enterprise value. Investors are advised to consider their own risk tolerance and conduct thorough due diligence regarding these speculative elements.
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