Elon Musk bought $25 million worth of Tesla stock, just a day after laying off 9% of Tesla employees

Business Insider | 6/13/2018 | Matt Weinberger
hubbog (Posted by) Level 3
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Elon Musk bought about $25 million worth of Tesla stock this week.

His purchases come after Musk announced to Tesla employees that the company was cutting 9% of its workforce.

Signal - Employees - Wall - Street - Future

It could be a signal to employees and Wall Street that he's still optimistic about the future of Tesla.

Tesla Motors CEO Elon Musk has personally purchased about $25 million worth of stock in his own company, according to a filing with the SEC on Wednesday.

Purchases - Musk - % - Company - Reports

Before these purchases, Musk owned about 19.8% of the company, reports Marketwatch. With the 72,500 shares he bought this week, he owns about 34 million Tesla shares.

The timing of Musk's purchase is noteworthy: On Tuesday, Musk announced via an email to employees that Tesla plans to let go of 9% of its total workforce. The filing shows the purchases were made on Tuesday and Wednesday.

It's possible this was...
(Excerpt) Read more at: Business Insider
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