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Musk Spends $10 Million On Tesla Shares, Plans to Spend $20 Million More


Tesla Inc. founder and Chief Executive Elon Musk spent $10 million on Tesla shares, the company said in a filing posted to its website. Mr. Musk on Sept. 17.


Photo:

Chris Carlson/Associated Press

Elon Musk bought $10 million of shares in

Tesla
Inc.


TSLA -1.48%

on Monday and plans to spend another $20 million on stock in the company, according to the company.

The founder and chief executive of the electric-vehicle company bought close to 30,000 Tesla shares in three separate transactions, Tesla said in a filing posted on its website Tuesday. Using a trust, Mr. Musk paid between an average of $334.24 a share and $335.93 a share in the transactions.

Mr. Musk “has also committed” to buying additional shares worth about $20 million, the filing notes.

Shares in Tesla were down 1.5% to $329.87 in afternoon trading.

Elon Musk’s 2018: Tesla, Flamethrowers and Lots of Tweets

The SEC filed a lawsuit against Elon Musk for securities fraud over a market-moving tweet in August about possibly taking Tesla private. The news is just the latest development in a tumultuous year for the CEO. Photo illustration: Heather Seidel/The Wall Street Journal

The company has been engulfed in controversy this year, facing scrutiny from securities regulators and the Federal Bureau of Investigation, The Wall Street Journal reported last week.

Last month, Mr. Musk and Tesla settled allegations by the Securities and Exchange Commission that the CEO misled investors with tweets on Aug. 7 that suggested he lined up funding to take the company private.

As part of the deal, both Mr. Musk and Tesla each agreed to pay $20 million penalties. Separately, Tesla said when the settlement was announced that Mr. Musk intended to buy $20 million in additional stock once the window to buy shares was open. Tuesday’s filing suggests he later decided to buy more than previously expected.

Before the recent purchases, Mr. Musk held a stake of more than 19% in Tesla, according to FactSet.

Mr. Musk’s net worth is around $22 billion, according to Forbes.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

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