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Offbeat Elon Musk just bought an additional $25 million in Tesla stock

23:50  13 june  2018
23:50  13 june  2018 Source:   cnbc.com

Big Tesla investors look like firewall for Elon Musk

  Big Tesla investors look like firewall for Elon Musk Tesla Inc Chief Executive Elon Musk faces votes at Tuesday's shareholder meeting that will challenge his grip on the electric carmaker, but he may be able to count on some powerful friends: big fund managers likely to be fans.These stockpickers would have weighed Musk's forceful public persona in their decisions to buy and hold Tesla shares in the first place, and likely are ready to back him at the meeting to be held in Mountain View, California, said analysts, corporate governance experts and investors.

Elon Musk bought another 72,500 shares in Tesla , worth about .9 million . Musk owns about 19 percent of the company. Tesla has an abundance of skeptics, but Musk has continued to fork over cash for shares in the electric-car maker. Back in early May, Musk bought 33,000 Tesla shares, then

Elon Musk might have made his $ 25 million Tesla stock buy to convince employees and analysts that he's still all in on the company and the Also of note is that Musk has a somewhat unconventional pay package at Tesla in which he'll be granted additional stock options as the company hits milestones.

Elon Musk just made another big bet on himself.

Over the past two days, Musk has bought 72,500 shares in Tesla, when shares were trading at $342-$347, according to an SEC filing. The total purchase is worth about $24.9 million.

Tesla has an abundance of skeptics, but Musk has continued to fork over cash for shares in the electric car maker. Back in early May, Musk bought 33,000 Tesla shares, then worth about $10 million. Shares were trading just below $300 at that point.

Tesla shareholders reject bid to strip Musk of chairman role

  Tesla shareholders reject bid to strip Musk of chairman role Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric car maker's board and strip him of his role as chairman, despite worries about the company's shaky finances and inability to meet its production goals for its first mass-market sedan. All three directors seeking to remain on Tesla's nine-member board were re-elected during the company's annual meeting held Tuesday as most shareholders opposed a rebellion seeking to remove them.

Musk ended up spending just under $ 25 million in the transactions. In contrast, it doesn't mean as much when executives are merely exercising stock options upon vesting. The insider purchase comes just a day after Tesla announced that it would be laying off 9% of its workforce in an effort to cut costs

Tesla Motors CEO Elon Musk has purchased about $ 25 million worth of stock in his own company, according to a filing with the Securities and Exchange Also of note is that Musk has a somewhat unconventional pay package at Tesla in which he'll be granted additional stock options as the

Musk is Tesla's largest shareholder. He now owns about 33.7 million shares of Tesla, a roughly 19 percent slice of all outstanding shares.

Musk made his purchases shortly after Tesla said it will cut about 9 percent of its workforce of 46,000 employees, in salaried roles outside vehicle production. The company is trying to improve efficiency and profitability as it continues the continually delayed and often struggling production ramp of its Model 3 sedan.

The company is still burning through billions in cash, and has faced challenges on several fronts, including labor disputes, a number of executive departures, and investigations into the role is Autopilot driver assistance system has played in some high-profile crashes.

Tesla reports another fire at Fremont factory .
The fire was contained to a cardboard bailing machine and there were no injuries, according to the Fremont Fire Department.Tesla confirmed that a fire contained to a cardboard bailing machine Thursday night at its Fremont, Calif., factory, where the Model 3 electric sedan is being built. It is the latest in a series of fires to break out at the facility.

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