Categories LATEST

Elon Musk increases his stake in Tesla; buys 72,500 shares

Tesla revealed in its SEC filing today that its CEO Elon Musk had bought the company’s stock for $25 million. Now he holds 33,737,921 Tesla shares. In early May, Elon bought 33,000 shares in the open market for little less than $10 million. Buying the automaker’s shares again within a short span of time shows Elon’s confidence on the company’s future.

Yesterday, Elon took a tough call and announced that 46,000 employees will be shown the doors as part of the company’s reorganization efforts. The Wall Street welcomed this move and the electric carmaker’s stock rose 3.2% when the market closed yesterday.Elon Musk buys 72,500 Tesla sharesRelated Stories:

Tesla cuts 9% of its workforce

A sneak peek into Tesla’s shareholder meeting

Shares of Tesla were marginally up by 0.6% at the end of today’s trading. During the shareholders meeting earlier this month, Elon Musk made many announcements including achieving the Model 3 production target of 5,000 units per week by June end, progress in Gigafactory, the outlook for Q2 and Q3, and Model Y delivery, to name a few.

Research reports say that when a CEO who holds at least 5% stake in the company repurchases its shares, the stock is expected to give strong returns. After this purchase, Elon Musk now holds about 20% stake in Tesla. Today’s news might bring in more cheers for Tesla investors and the stock could go up further tomorrow and in the near future.

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top