Finance

Elon Musk bought Tesla shares

CEO Tesla Elon Musk bought shares of his company worth 9.85 billion dollars on Monday. This is a reaction to the actions of investors who play on the price drop of the electric car maker on the stock market. Effect? Tesla’s share price skyrocketed.

The Monday transaction covered the largest batch of technology shares of the company, which Elon Musk acquired from March 2017. The businessman is currently the largest shareholder in Tesla, controlling almost 20 percent. company’s shares – results from Bloomberg’s calculations.

Musk decided to increase his participation in Tesla after verbal skirmishes on Twitter with investors holding a short position on the company’s shares. Musk in one of the entries even threatened to “burn” their bets. – If you are in a short position, I suggest quietly retreat to the exit – thundered.

Tesla’s record loss
Tesla’s shares lost over 5 percent last Thursday. On this day, the financial results of the electric car manufacturer were announced at the conference. Tesla completed the first quarter of 2018 with a net rent of nearly 774.63 million dollars – a record one in the company’s 15-year history.

At the conference, Elon Musk spared harsh words both to journalists and analysts, and even directors in his own company. He was cynical and gruff. He often did not answer the journalists’ questions, describing them as’ boring, dry, unhealthy ‘or simply’ funny and stupid ‘.

On Monday, after the information about the purchase of Tesla shares by Elon Muska, the car manufacturer’s course went up by 3 percent. Before hours 16.00 per one company’s share was paid 303 dollars. Tesla’s market valuation increased to approximately USD 51.4 billion. It is about 190 million dollars more than the amount at which such an automotive giant as General Motors is valued.