Tesla says Elon Musk plans to buy $20 million worth of stock

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• Elon Musk plans to buy $20 million
  of Tesla stock, the company said in a filing
  Wednesday.
• The plans were announced the day after a judge approved
  Tesla
  and Musk’s settlement with the US’ top stock
  regulator. 

Tesla
CEO Elon Musk plans to buy $20 million worth of the company’s
stock on the open market “during the next open trading window,”
the company
said in a regulatory filing Wednesday.

The plans were revealed the day after a
judge approved Tesla and Musk’s combined $40 million settlement
with the Securities and Exchange Commission, the US’ top
stock market regulator, stemming from his now-infamous
“go-private” tweet that ended with Tesla remaining public but
Musk stepping down from his position as chairman of the board of
directors.

It’s not clear when exactly the next possibility for Musk to
purchase stock may be, and Tesla did not respond to a request for
comments from Business Insider, but buying the newly issued
shares could help Tesla’s stock price recover from the
significant losses it saw following the go-private saga, the
subsequent lawsuit, and eventual settlement.

Musk is already Tesla’s largest shareholder, owning just under
20% of the outstanding stock. The filing Wednesday says Musk will
purchase newly issued stock, which should not affect his
proportional ownership of the company. At Wednesday’s prices, $20
million could buy roughly 71,428 shares.

Tesla’s stock price rose about 2% following the filing Wednesday,
also helped by the company’s announcement it had
secured a Shanghai site for its first overseas Gigafactory in
China. Tesla is expected to report third-quarter earnings on
October 31.

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