Elon Musk buys $10M in Tesla stock

David Welch
Bloomberg News

Tesla Inc. Chief Executive Officer Elon Musk apparently couldn’t wait to get more of his carmaker’s stock.

Musk bought about $10 million in Tesla shares on the open market, according to a regulatory filing Tuesday. He did so while waiting for the company to issue $20 million worth of new stock that he’s slated to purchase by next week.

Tesla and Musk agreed to each pay $20 million last month to settle fraud charges brought by the U.S. Securities and Exchange Commission related to the CEO’s tweets about trying to take the company private. In an apparent attempt to make amends, Musk made plans to buy the equivalent amount of company stock.

Tesla fell about 2 percent to $328 as of 9:12 a.m. Tuesday in New York, before the start of regular trading. The shares are up about 7.6 percent this year.