Elon Musk buys $10 million worth of Tesla stock

Taylor Hill/Getty ImagesElon Musk

Tesla CEO Elon Musk purchased 29,844 shares of the company, worth $US9.997 million, on Monday, according to regulatory 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 $US20 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.

The investments were made on the open market, in three rounds priced at $US334.24, $US334.28, and $US334.93. According to Bloomberg, Musk is still waiting on the company to issue $US20 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 $US25 million, $US9.85 million, and $US25 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 $US244. 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 $US319 for Tesla -roughly 4% below Tuesday’s prices of $US334.

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