Tesla says Elon Musk plans to buy $20 million worth of stock as soon as possible
Elon Musk plans to buy $20 million of Tesla stock, the company said in a filing Wednesday.
The plans were announced the day after a judge approved Tesla and Musk's settlement with the US' top stock regulator.
Tesla CEO Elon Musk plans to buy $20 million worth of the company’s stock on the open market "during the next open trading window," the company said in a regulatory filing Wednesday.
The plans were revealed the day after a judge approved Tesla and Musk’s combined $40 million settlement with the Securities and Exchange Commission, the US’ top stock market regulator, stemming from his now-infamous "go-private" tweet that ended with Tesla remaining public but Musk stepping down from his position as chairman of the board of directors.
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It’s not clear when exactly the next possibility for Musk to purchase stock may be, and Tesla did not respond to a request for comments from Business Insider, but buying the newly issued shares could help Tesla’s stock price recover from the significant losses it saw following the go-private saga, the subsequent lawsuit, and eventual settlement.
Musk is already Tesla’s largest shareholder, owning just under 20% of the outstanding stock. The filing Wednesday says Musk will purchase newly issued stock, which should not affect his proportional ownership of the company. At Wednesday’s prices, $20 million could buy roughly 71,428 shares.
Tesla’s stock price rose about 2% following the filing Wednesday, also helped by the company’s announcement it had secured a Shanghai site for its first overseas Gigafactory in China. Tesla is expected to report third-quarter earnings on October 31.
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