Tags: elon musk | tesla | shares | stock

Musk Bets Tesla Rally Has Legs With $24.9 Million Stock Purchase

Musk Bets Tesla Rally Has Legs With $24.9 Million Stock Purchase
(Sergiomonti/Dreamstime)

Wednesday, 13 June 2018 04:50 PM

Think the run-up in Tesla Inc. shares is about done? Elon Musk doesn’t seem to think so.

The CEO shelled out $24.9 million to buy 72,500 more shares on Tuesday, according to a regulatory filing. The purchase followed a roughly 13 percent jump for the stock since its chief executive bought $9.85 million worth of shares on May 7.

Tesla rallied after Musk, 46, struck a confident tone with investors during the electric-car maker’s annual meeting last week. He said the company was “quite likely” to build 5,000 Model 3 sedans a week by the end of this month and reaffirmed forecasts that Tesla would generate profit and cash in the third and fourth quarters.

As part of Tesla’s drive toward long-elusive profitability, Musk announced Tuesday that the company will dismiss about 9 percent of employees. The across-the-board cutbacks almost entirely involve salaried workers at Tesla’s Palo Alto, California, headquarters and beyond.

© Copyright 2018 Bloomberg News. All rights reserved.

   
1Like our page
2Share
StreetTalk
Think the run-up in Tesla Inc. shares is about done? Elon Musk doesn't seem to think so.The CEO shelled out $24.9 million to buy 72,500 more shares on Tuesday, according to a regulatory filing.
elon musk, tesla, shares, stock
152
2018-50-13
Wednesday, 13 June 2018 04:50 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved