Elon Musk buys $25 million in Tesla stock amid layoffs

Discussion in 'Market News' started by sniper-academy, Jun 14, 2018.


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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Tesla Inc. Chief Executive Elon Musk purchased more than 70,000 shares of his company while announcing layoffs of nearly 10% of employees in a reorganization. In a Wednesday filing with the Securities and Exchange Commission, Tesla disclosed that Musk had purchased 72,500 shares on Tuesday and Wednesday at weighted average prices ranging from $342.78 to $347.01. All told, Musk spent roughly $25 million on the shares a month after buying $10 million in Tesla stock on the open market in a move he presaged with a challenge to short sellers. Before the most recent purchases, Musk owned about 33.7 million shares in Tesla, about 19.8% of the company, according to FactSet. Tesla shares were trading about 0.8% higher Wednesday afternoon, and have increased 14.3% in the past month as the S&P 500 index has gained 2.2%.

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