Elon Musk scoops up $10 million in Tesla stock
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.
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.
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.”
“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.