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Musk Raises His Stake In Tesla, Bets Another $25 Million



Musk Raises His Stake In Tesla, Bets Another $25 Million
Musk Raises His Stake In Tesla, Bets Another $25 Million

Amid announcements of layoffs and reorganization, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk spent about $25 million on 72,500 shares of the company Tuesday and Wednesday, according to a Securities and Exchange Commission filing. 

That brings Musk’s stake to 33,737,921 shares worth more than $11.5 billion and 19 percent of the firm.

Why It’s Important

Musk’s purchases are rare, but he does have a history of buying shares ostensibly to make a point and convince the Street of his confidence.

Last month, he bought $10 million in the stock, his biggest purchase in over a year, after predicting a short squeeze that would “burn” Tesla’s doubters and short sellers.

“The sheer magnitude of short carnage will be unreal,” Musk tweeted at the time. “If you’re short, I suggest tiptoeing quietly to the exit … ”

What’s Next

Tesla will soon report its June and quarterly production results, which should serve as the next large planned catalyst.

Related Links:

Gordon Johnson Lowers Tesla Price Target To $93, Says Sales Will Suffer Between 2019 And 2020

Keybanc Says Tesla Deliveries Tracking Above Estimates, Raises Model 3 Deliveries Forecast To 30,000

Photo courtesy of Tesla. 

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This article was written by cool news network.



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