Tesla CEO Elon Musk Buys $9.85M in Company Stock
Tesla CEO Elon Musk has signaled increased confidence in his brand’s prospects, hamming it up to short sellers by dropping down $9.85-million of his cash in Tesla stock.
The purchase of 33,000 shares represents his largest purchase since March 2017, with his stake in the entire company increasing roughly a tenth of 1 percent at 22 percent. Share prices moved between $294 to $302 in a series of Monday transactions.
This latest move marks the end of a contentious week between Musk and shareholders, with an unusually combative earnings call where Musk offered dismissive and terse answers to analysts, with some questions refused altogether.
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After the earnings call, Tesla’s stock shattered $2.8-billion of market value, with Musk tweeting a semi-apology and offering several reasons for his answers.
First, it’s important to know that Tesla is the most shorted (meaning most bet against) stock on the market & has been for a while https://t.co/srEp1tf6ZU
— Elon Musk (@elonmusk) May 4, 2018
Other Musk comments focused on the eventual shortfall of Tesla short sellers.
Oh and uh short burn of the century comin soon. Flamethrowers should arrive just in time.
— Elon Musk (@elonmusk) May 4, 2018
This article originally appeared on HybridCars.com
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Another attempt to prop up his company's (and his) shares by buying a relatively small number of shares - and then making sure he publicized the buy. The media should have ignored this patently phony act. There is no reason to keep publishing meaningless Musk articles.