- Elon Musk has purchased $10 million worth of Tesla stock just over a week after the company said he intended to buy $20 million.
- The CEO now owns 19.8% of the company’s equity, making him the largest shareholder.
Tesla CEO Elon Musk purchased 29,844 shares of the company, worth $9.997 million, on Monday, according toregulatory documents filed Tuesday morning.
The disclosure comes after Musk seemed to hint on Twitter over the weekend that Monday was the opening in which Tesla had previously announced he intended to buy $20 million worth of shares. Musk, already Tesla’s largest shareholder, now owns just under 20% of the company’s outstanding shares. It’s not clear if he intends to make more purchases.
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The investments were made on the open market, in three rounds priced at $334.24, $334.28, and $334.93. According to Bloomberg, Musk is still waiting on the company to issue $20 million worth of stock in order for him to purchase it “by this week.” The company’s total number of shares outstanding has not changed since early August.
Musk’s most recent stock purchases were in June, May, and March of this year, according to regulatory filings. In those rounds, he bought $25 million, $9.85 million, and $25 million, respectively.
Tesla’s stock price is up 31% in the last week as a surprise quarterly profit helped shares rally from an October low of $244. On Tuesday, Ben Kallo, an analyst at Baird, said a Wall Street Journal of a “deepening” FBI inquiry into Tesla’s Model 3 statement, would be a hard case for prosecutors to prove.
Wall Street now has an average price of $319 for Tesla —roughly 4% below Tuesday’s prices of $334.
More from Business Insider: Tesla’s ‘deepening’ FBI inquiry will be a hard case for investigators to prove, Wall Street analyst says Tesla isn’t disrupting the auto industry, according to the expert who created the theory of disruptive innovation A big Tesla shareholder is ready to back Elon Musk with more cash despite questioning the CEO recently
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