Elon Musk Bought $10 Million of Tesla Shares on Valentine’s Day
The rally, first fueled by a surprise third-quarter profit, has left Tesla with a market value more than that of General Motors.
(Bloomberg) -- Elon Musk bought 13,037 Tesla Inc. shares for $10 million on Feb. 14, according to a filing with the U.S. Securities and Exchange Commission.
Musk purchased the shares at an average of $767 each, raising his holding to 34.1 million, or 18.5% of the Palo Alto-based company. Tesla’s shares have more than doubled this year and closed at a record high of $917.42 on Wednesday.
The rally, initially fueled by a surprise third-quarter profit, has left Tesla with a market value greater than that of General Motors Co., Volkswagen AG and Fiat Chrysler Automobiles NV combined. Traders are realizing the dangers of betting against the company: roughly 15% of its shares available for trading are short, the lowest in at least a year, according to S3 data.
Musk was in Shanghai at the start of the year to open Tesla’s first manufacturing facility outside the U.S. The coronavirus outbreak in China led to a halt in production at the facility, though operations restarted last week.
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To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Will Davies
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