Musk to purchase Tesla stock worth $20 million

Reuters New Delhi, Delhi, India Oct 17, 2018, 06.41 PM(IST)

File photo. Photograph:( Reuters )

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The news comes weeks after Tesla and Musk agreed to pay US $20 million each as fine as part of a settlement with the US Securities and Exchange Commission.

Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.

The news comes weeks after Tesla and Musk agreed to pay US $20 million each as fine as part of a settlement with the US Securities and Exchange Commission.

Tesla said the purchase is 'separate and apart from the settlement' between Musk, Tesla and the SEC.

Shares of the company rose 2 per cent in premarket trading.