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Money Elon Musk buys 72,500 Tesla shares

03:10  14 june  2018
03:10  14 june  2018 Source:   reuters.com

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(Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk bought 72 , 500 shares of the company's common stock, a regulatory filing bit.ly/2t4K2sY showed on Wednesday. FILE PHOTO: SpaceX founder Elon Musk smiles at a press conference following the first launch of a SpaceX

FILE PHOTO: SpaceX founder Elon Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in

Elon Musk smiling with water in the background: SpaceX founder Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral.© REUTERS/Joe Skipper SpaceX founder Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral.

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk bought 72,500 shares of the company's common stock, a regulatory filing showed on Wednesday.

Musk bought the shares at between $342.44 and $347.44 per share in multiple transactions on Tuesday and Wednesday.

He is already the electric car maker's largest shareholder and now owns 33.74 million shares worth about $11.6 billion.

Tesla, which continues to burn through cash as it spends on its assembly line and prepares for new investments on projects, is cutting several thousand jobs seeking to reduce costs and become profitable without endangering the critical production ramp-up for its Model 3 sedan.

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Musk bought the shares at between 2.44 and 7.44 per share in multiple transactions on Tuesday and Wednesday. Tesla , which continues to burn through cash as it spends on its assembly line and prepares for new investments on projects

Elon Musk just made another big bet on himself. Over the last two days, Musk has bought 72 , 500 shares of Tesla , when shares were trading at 2 to 7 Back in early May, Musk bought 33,000 Tesla shares , then worth about million. Shares were trading just below 0 at that point.

Tesla has been trying to hit a 5,000 per week production target of its Model 3 sedans after facing initial production hiccups.

Noted short seller Jim Chanos of Kynikos Associates said in an interview on CNBC that he continues to short Tesla's shares.

"The company will pull out all the stops, it will do a lot of one-time items, we believe, to show a GAAP profit in the third quarter. But they are just that, one-time items,” Chanos said.

"The basic problem is that he is making cars at not enough of a gross margin to make money, and that's before the competition rolls out, which is late this year and early next year."

(Reporting by Arunima Banerjee in Bengaluru and Noel Randewich in San Francisco)

Elon Musk emails employees about 'extensive and damaging sabotage' by employee .
According to correspondence attained by CNBC, a fire at Tesla's Fremont, California plant interrupted vehicle production there on Sunday night.Now, CNBC has learned that Musk also sent an e-mail to all employees at Tesla late on Sunday night alleging that he has discovered a saboteur in the company's ranks.

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