Tesla’s Elon Musk to Buy $20 Million of Company’s Stock

Elon Musk has shown his confidence in Tesla before and he’s doing it again, this time buy it being revealed that he plans to buy $20 million worth of common stock during the next open trading window.

Shortly after the announcement, shares began to explode. The news was revealed in a filing related to the CEO’s settlement with the SEC.

It was on Tuesday that a judge approved Tesla and Musk’s settlement with the SEC in which Musk steps down from being chairman for a minimum of three years and each pays a $20 million fine.

“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 read.

Musk had also bought $24 million worth of Tesla in June and $9.9 million in May, according to InsiderScore.com.

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and have not been compensated for this article.