Anisha Sicar and Noel Randewich

(Reuters: Tesla stock rallied after Tuesday’s decline. This was a day after Elon Musk, Chief Executive of Tesla disclosed that he has sold an additional $930million worth of shares.

Rivian Automotive, Lucid Group and Tesla all saw a surge in their sector, with Tesla rising almost 3% to $1,040. This leaves Tesla’s market capitalization at $187 billion, down from Musk selling shares.

Rivian stock rose 10%. The EV manufacturer is now worth more than $140 billion. This puts it over Volkswagen AG (OTC) by approximately $1 billion, making it the third-most valuable automobile maker in the world.

Lucid’s stock rose 15% following the announcement that reservations for its vehicles rose to 13,000 during the third quarter. It also stated it was confident it would produce 20,000 Lucid Air sedans by 2022.

Musk, who had exercised options to buy 2.1million stocks for $6.24 each Monday, sold 934,091 shares, according to a filing.

Musk sold approximately 7.3 million Tesla shares in the last week to make $7.8 billion. These sales satisfy almost half of Musk’s Twitter promise (NYSE: ) to sell 10% Tesla shares.

Musk started selling shares after he had suggested the idea to a Twitter vote.

Tesla stock rose more than 15% in 12 months due to electric carmakers becoming increasingly popular on Wall Street.

Craig Erlam (Senior Market Economist at OANDA) stated, “There is still plenty buying interest because I think investors view this phase as a stage and see pullbacks in an opportunity.” If you want to ask me about the future share price, where would it be in six months and twelve months? It’s likely that it will be 20% more than 20% less.