Elon Musk scoops up $10 million in Tesla stock

Tesla’s Elon Musk gets nasty with analysts during conference call

S&P Investment Advisory Services portfolio manager Erin Gibbs and Belpointe Asset Management chief strategist David Nelson discuss how Tesla CEO Elon Musk cut off questions asked by analysts during a conference call.

Elon Musk has increased his stake in the electric car maker he founded, a week after the Tesla CEO led a tense earnings call with Wall Street analysts.

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Tesla was trading higher Tuesday after Musk bought 33,000 shares worth about $9.85 million, according to a regulatory filing on Monday. The purchase gives Musk a nearly 20% stake in Tesla, Bloomberg said. The 46-year-old executive was already Tesla’s largest shareholder.

TickerSecurityLastChange%Chg
TSLATESLA INC.219.27-0.49-0.22%

After Tesla reported another quarterly loss, Musk cut off analysts on a conference call and dismissed their questions as “dry” and “boring.” The exchange ignited a sharp decline in Tesla’s stock, though shares have more than recovered from the selloff.

Musk also took on Tesla short-sellers in a series of Twitter missives, saying on Friday that the “sheer magnitude of short carnage will be unreal.”

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“If you’re short, I suggest tiptoeing quietly to the exit,” Musk added.

Short-sellers are investors who bet on a stock’s decline. Short interest in Tesla exceeded 40 million shares for the first time last week following the earnings call.

Tesla rose 3% to $302.77 on Monday.

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