Home News Business News Elon Musk bought Tesla shares worth almost 25 million USD

Elon Musk bought Tesla shares worth almost 25 million USD

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Elon Musk bought another 72,500 shares of Tesla worth almost 25 million USD, just a day after announcing 9% reduction in its workforce. Tesla faces an abundance of skeptics, but Mssk continues to invest money in shares of the electric car manufacturer. In early May, he bought 33,000 shares of Tesla at that time for about 10 million USD. The shares were then traded at just under 300 USD per share.

Musk is the largest shareholder in the company and now owns about 33.7 million shares of Tesla, or about 19% of the capital.

Elon Musk made his purchases a little after Tesla said it would cut about 9% of its workforce of 46,000 people, but the measure would not affect employees from production. The company is trying to improve its efficiency and profitability, as supply delays continue.

Tesla still “burns” billions of dollars and faces challenges on several fronts, including labor disputes, deviations in implementation, and investigations into the role that the Autopilot driver assistance system has played in some serious crashes.

Despite the apparent confidence of Elon Musk, Tesla is the American company that is most preferred by short trades. Its short-term exposure amounts to 12.82 billion USD, according to the financial-analyst firm S3 Partners. This represents 22% of all remaining shares.

By comparison, Apple is the second-largest US trading group, Amazon is the third, and Netflix fourth.

But since June 1, Tesla’s stock price has risen by 18% and short-sellers have lost about 2 billion USD.