The following is an excerpt from Alex Perry | October 17, 2018 | ibtimes.com |
Tesla Inc.’s (TSLA) largest shareholder will reportedly buy even more stock in the company. CEO Elon Musk told the company he plans on purchasing $20 million worth of Tesla stock, on top of the billions he already owns, according to an 8-K filing published Wednesday morning.
The filing said Musk would buy the stock during “the next open trading window at the then-current market price.” Musk already owns north of $9 billion worth of Tesla stock, according to CNBC. He purchased nearly $34 million worth of stock in May and June, as well.
Musk’s latest stock purchase was tucked away at the bottom of an 8-K filing that was primarily about the billionaire CEO’s settlement with the Securities and Exchange Commission. A judge approved the settlement Tuesday, which ended two months of discord around the electric car manufacturer.
The SEC filed suit against Musk for allegedly misleading Tesla investors by suddenly announcing the company might go private on Twitter in August. Rather than take it to court, the two sides settled. Musk and Tesla will each pay $20 million in fines, and Musk will no longer be the chairman of Tesla’s board.
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