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Elon Musk is set to buy $20 million worth of Tesla stock

Proactive Investors Wednesday, 17 October 2018
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk intends to purchase $20 million worth of stock from the electric-car maker during the next open trading window in the wake of Tesla’s and Musk’s settlement with the Securities and Exchange Commission, according to an 8K regulatory filing. “Separate and apart from the settlement, Elon has notified Tesla that he intends to purchase from Tesla, and Tesla expects that it will issue and sell to Elon, $20 million of Tesla’s common stock during the next open trading window at the then-current market price,” the filing states. News of Musk’s stock purchase comes a day after the US District Court for the Southern District of New York approved the terms of a $40 million settlement with the Securities and Exchange Commission over fraud charges stemming from Musk’s early August tweet in which he declared his intention to take the company private. READ: US judge approves Elon Musk's settlement with SEC over his Tesla go-private tweet As part of the settlement, there will be no restriction on Elon’s ability to serve as Tesla’s CEO as well as his ability to sit on the company’s board. However, Tesla and Musk will each pay a civil penalty of $20 million and Musk will be forced to resign as chairman of Tesla board for a period of three years. According to the filing, Tesla must appoint two independent directors to the board as well as a permanent board of independent directors whose membership will be subject to approval by the SEC staff. This committee will work to oversee management’s public statements regarding Tesla. Additional controls will also be imposed on Musk’s Twitter feed and his other public communications regarding Tesla. The fraud suit filed against Tesla and Musk by the SEC came after Musk tweeted last August that he was considering taking Tesla private and said he had funding secured. Am considering taking Tesla private at $420. Funding secured. — Elon Musk (@elonmusk) August 7, 2018 The comment, which was later taken back, sent Tesla shares on a wild ride. Tesla shares jumped 1% to $279.38 in Wednesday's morning trading session. 
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News video: Tesla Says Elon Musk Plans To Buy $20 Million Worth Of Stock As Soon As Possible

▶ Tesla Says Elon Musk Plans To Buy $20 Million Worth Of Stock As Soon As Possible 00:39

Tesla CEO Elon Musk will reportedly buy $20 million worth of the company's stock on the open market. The plans were revealed the day after a judge approved Tesla and Musk's combined $40 million settlement with the Securities and Exchange Commission. It's not clear when exactly the next possibility...

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ParkingReview

Parking Review RT @ParkingReview: Tesla CEO Elon Musk says his Boring Company tunnel cost $10 million per mile to build. If that’s true, it could be a big… 1 minute ago

FinnYates1

Finn Yates RT @JonErlichman: Companies Elon Musk founded Age 45: Boring Co ($113 million raised) Age 45: Neuralink ($27 million raised) Age 44: Open… 5 minutes ago

MaMalJoaquin

Nio Companies Elon Musk founded Age 45: Boring Co ($113 million raised) Age 45: Neuralink ($27 million raised) Age 44… https://t.co/fJomNc2YLd 10 minutes ago

tiredass79

deadass/shoebill Elon Musk: *donates almost half a million dollars to kids* This fucking guy: https://t.co/6nLmdXhoW7 19 minutes ago

snessim

Sherif Nessim RT @kashthefuturist: Companies Elon Musk founded Age 45: Boring Co ($113 million raised) Age 45: Neuralink ($27 million raised) Age 44: O… 20 minutes ago

DanielHall_ethz

Daniel Hall Look the Boring Company is an interesting idea, but replace word ‘rail’ with ‘highway’ and the below will still be… https://t.co/x6yxO47Xqs 20 minutes ago

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kWh Analytics "Between tariffs on everything under the sun, Elon Musk’s $40 million tweet and the boom in energy storage, it’s be… https://t.co/DfhXkaArM6 23 minutes ago

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Robin Machado Why The Boring Company’s $10 million dollars per mile price tag is a game changer Can't wait to see how this chang… https://t.co/R4frINZ04E 41 minutes ago


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