Musk to buy $20M in Tesla shares

Tesla CEO Elon Musk told the company he would purchase another $20 million worth of stock during the next open trading session, according to a filing with the Securities and Exchange Commission (SEC).

Wednesday’s announcement sent shares of the electric automaker higher during the trading session.

Ticker Security Last Change Change %
TSLA TESLA INC. 828.14 -0.96 -0.12%

Musk is already Tesla’s largest shareholder. He purchased nearly $25 million worth of shares in June, after spending about $10 million just a month earlier.

Shares are down more than 11 percent so far this year.

A U.S. federal judge on Tuesday approved Musk’s settlement with the SEC over comments he made earlier this year about taking the company private, in which he claimed funding had been secured before later revealing no concrete deal had been struck. The billionaire businessman was sued for allegedly misleading investors.

As part of the settlement, both Musk and Tesla were fined $20 million apiece.

Tesla said in the filing Musk’s share purchase was separate from the settlement.