Celebrating 10 Years of Trusted News Discovery
One News Page
> >

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. 
Credit: Wochit Business - Published < > Embed
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...

You Might Like

Recent related videos from verified sources

‘Glass’ Set For Big Opening Weekend At The Box Office [Video]‘Glass’ Set For Big Opening Weekend At The Box Office 00:32

According to SF Gate, M. Night Shyamalan’s latest movie 'Glass' made $16 million on Friday. Over the Martin Luther King Jr. holiday weekend, the film is currently projected to take in $48 million..

Credit: Wochit Entertainment - Published

Elon Musk-inspired display with 25,000 dominoes [Video]Elon Musk-inspired display with 25,000 dominoes 01:38

Check out this epic dominoes display in tribute to Elon Musk. A staggering 25,000 dominoes were used!

Credit: Rumble Studio - Published

Tesla Plans 7 Percent Staff Cut, Says Road Ahead 'Extremely Difficult' [Video]Tesla Plans 7 Percent Staff Cut, Says Road Ahead 'Extremely Difficult' 02:30

Bay Area-based electric car maker Tesla will cut seven percent of its workforce as it tries to lower prices and break out of the niche-car market to produce an electric vehicle that more people can..

Credit: CBS 5 SF KPIX - Published

Fort Worth Stock Show Invests In Renovations [Video]Fort Worth Stock Show Invests In Renovations 01:40

Nearly 30,000 animals make their way into the Fort Worth Stock Show Friday.

Credit: CBS 11 Dallas - Published

Tesla Announces Layoffs [Video]Tesla Announces Layoffs 00:47

Tesla has announced that it would lay off 7% of its workforce— about 3,000 workers — to turn its plan to create a $35,000 Model 3 into a reality in "all markets," CEO Elon Musk said in a company..

Credit: Wochit - Published

Tesla Decreasing Workforce In An Effort To Increase Production [Video]Tesla Decreasing Workforce In An Effort To Increase Production 00:39

Tesla is slashing its workforce by 7 percent. CNN reports that the electric car manufacturer on Friday announced plans to cut its full-time employee roster as it vies to increase Model 3 production...

Credit: Wochit - Published

Tesla CEO Elon Musk Announces Job Cuts [Video]Tesla CEO Elon Musk Announces Job Cuts 00:38

Tesla announced on Friday that it would be slashing thousands of jobs from its workforce in an attempt to bring down costs and increase production of the Model 3 sedan. The electric car manufacturer..

Credit: Wochit - Published

Tesla stock drops [Video]Tesla stock drops 00:57

Shares of Tesla plunged after the company said it's cutting jobs to speed up delivery of mass-market Model 3 sedan and gave a lower fourth-quarter profit outlook. Roselle Chen reports.

Credit: Reuters Studio - Published

Recent related news from verified sources

China offers Elon Musk permanent residency

China offers Elon Musk permanent residency
Beijing (AFP) Jan 10, 2019 Tesla boss Elon Musk has been offered a "green card", China said Thursday, a privilege enjoyed by an elite group of foreigners,...
Energy Daily - ScienceAlso reported by •The VergeS.China Morning PostDNA

Chinese hotpot with ex-girlfriend Grimes rounds out big few days for Telsa chief Elon Musk

Tesla Motors chief executive Elon Musk dined at a hotpot restaurant in Beijing, a day after he received an offer of permanent Chinese residency from Premier Li...
S.China Morning Post - Asia-PacificAlso reported by •DNA

Elon Musk shows off the assembled Starship test rocket

After weeks teasing renderings and production photos, Elon Musk finally showed off the finished Starship test rocket last night. Starship test flight rocket just...
TechCrunch - TechnologyAlso reported by •Business

Elon Musk makes it more expensive to own a Tesla

Last week Tesla CEO Elon Musk abruptly ended sales of the lowest-priced Tesla Model S and X cars. Now, this week he's slashing more with the end of Tesla's...
Mashable - Internet

Tweets about this


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


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


Nio Companies Elon Musk founded Age 45: Boring Co ($113 million raised) Age 45: Neuralink ($27 million raised) Age 44… 10 minutes ago


deadass/shoebill Elon Musk: *donates almost half a million dollars to kids* This fucking guy: 19 minutes ago


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


Daniel Hall Look the Boring Company is an interesting idea, but replace word ‘rail’ with ‘highway’ and the below will still be… 20 minutes ago


kWh Analytics "Between tariffs on everything under the sun, Elon Musk’s $40 million tweet and the boom in energy storage, it’s be… 23 minutes ago


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… 41 minutes ago

Other recent news in Business

Death toll rises to 66 in Mexico PIPELINE EXPLOSIONSharapova knocked out of AUSTRALIAN OPEN
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Contact us  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest