Musk buys $10 million in Tesla stock and plans to buy $20 million more

Robyn Beck | AFP | Getty Images

SpaceX, Tesla and The Boring Company founder Elon Musk.

Tesla CEO Elon Musk has purchased around $10 million worth of additional shares in the electric car maker and plans to buy another $20 million as soon as next week, according to a filing on Tuesday.

Musk previously promised to buy $20 million in Tesla stock following fraud charges and a settlement with the SEC that cost him and the company $20 million each.

Separate from that pronouncement, Tuesday’s filing reveals that Musk purchased 29,844 shares of Tesla worth $9.997 million in open market transactions. He now owns about 20 percent of the company’s shares.

Musk is still referred to as chief executive officer in today’s filing after he removed the title of CEO from his biography page on the Tesla website last week. As part of the SEC settlement, Tesla is required to find a new chairman for the next three years.

Tesla’s stock price has risen about 9 percent since its third-quarter earnings report last week. The company reported profits and positive cash flow for just the third time in its history

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