Tesla’s Musk buys about US$10M in company stock
by The Associated Press
Musk's trust bought nearly 30,000 shares on the open market Monday
Tesla CEO Elon Musk has added nearly $10 million worth of company stock to his portfolio.
Musk’s trust bought nearly 30,000 shares on the open market Monday. The purchases were disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.
The filing says Musk will buy another $20 million worth of stock in a transaction with the automaker that should close by next week.
Musk disclosed the $20 million purchase in an Oct. 16 filing about court approval of a deal to settle an SEC fraud case. The case involved tweets by Musk saying he had secured funding to take the company private when the deal wasn’t final. Tesla and Musk each agreed to pay $20 million in penalties.
Musk now owns about 20 per cent of Tesla.