Tesla CEO Elon Musk confirmed in a regulatory filing late Monday that he purchased $25 million of his company’s stock in a public offering last week.
The electric-car maker’s offering of 3,086,419 shares was priced at $243 each last week. Musk had shown “preliminary interest” in purchasing up to 102,880 of Tesla’s offered shares for a total of $25 million through a trust that he controls.
He bought the shares on Thursday, May 2. A form that Musk filed with the Securities and Exchange Commission shows that he now owns 33,927,560 Tesla shares through the trust.
This is Musk’s first purchase of Tesla stock (ticker: TSLA) this year, and he’s buying at a cheaper price than he did last year. Musk bought a total of $44.8 million of Tesla stock on the open market in 2018, paying an average per-share price of $330.80 for 135,344 shares, Barron’s calculates.
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Tesla’s latest stock offering could be expanded up to 3,549,381 if underwriters use their options to purchase additional shares. Tesla said it would use proceeds from the stock offering and a concurrent $1.60 billion offering of senior notes (that could be expanded to $1.84 billion) “to further strengthen our balance sheet, as well as for general corporate purposes.”
Write to Ed Lin at edward.lin@barrons.com
https://www.barrons.com/articles/elon-musk-tesla-stock-buy-51557202259
2019-05-07 04:24:00Z
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