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Elon Musk buys $10 million in Tesla stock on the open market

Elon Musk buys $10 million in Tesla stock on the open market
CEO Elon Musk is also waiting for Tesla to issue $20 million worth of new stock that he’s slated to buy by next week. (Patrick T. Fallon / Bloomberg)

Tesla Inc. Chief Executive Elon Musk apparently couldn’t wait to get more of his carmaker’s stock.

Musk bought about $10 million in Tesla shares on the open market, according to a regulatory filing Tuesday. He did so while waiting for the Palo Alto company to issue $20 million worth of new stock that he’s slated to purchase by next week.

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Tesla and Musk agreed to each pay $20 million last month to settle fraud charges brought by the U.S. Securities and Exchange Commission related to the CEO’s tweets about trying to take the company private. In an apparent attempt to make amends, Musk made plans to buy the equivalent amount of company stock.

Tesla shares fell about 0.7% to $332.47 around 8 a.m. Pacific. The shares are up about 6.8% this year.

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