On Valentine's day, Musk brought $10 million of Tesla shares

WION Web Team
New Delhi, India Updated: Feb 21, 2020, 11:35 PM IST

SpaceX CEO Elon Musk says that he will not block Russian news on Starlink satellite broadband service "unless at a gunpoint" (file photo). Photograph:(Reuters)

Story highlights

The shares were purchased roughly at an average of $767 each. 

SpaceX and Tesla CEO Elon Musk reportedly brought shares of Tesla Inc worth as much as $10 million on February 14.

As per a filing with the US Securities and Exchange Commission, Musk's purchase of Tesla shared raised his holding to around 18 per cent, roughly 34 million.

The shares were purchased roughly at an average of $767 each. On Wednesday, Tesla's shared closed at a record high of $917.42. 

Last Thursday, Tesla Inc announced plans to raise $2 billion in a stock offering as the electric-car maker taps into an astronomical jump in its share price in the past few months.

Chief Executive Officer Elon Musk has repeatedly assured investors that the company will not need to raise more money. As recently as last month, Musk said, "It doesn't make sense to raise money. Diluting the company to pay down debt doesn't sound like a wise move."

The company said it would offer 2.65 million shares, of which Musk himself will buy up to $10 million in shares. Board member and Oracle co-founder Larry Ellison will purchase $1 million Tesla shares, news agency Reuters reported.