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Tesla Chief Executive Elon Musk has purchased around $10 million worth of additional shares in the company and may grab another $20 million in stock soon, according to a regulatory filing.
The filing shows that Musk purchased 29,844 shares of Tesla worth $9.997 million in open market transactions. He now owns about 20 percent of the company’s shares.
The purchase follows a $20 million fine from the Securities and Exchange Commission related to tweets claiming he had secured funding to take the company private. The company was forced to pay the same fine under a settlement agreement.
In its Q3 earnings report last week, Tesla showed profits and positive cash flow for just the third time in its history.