Musk Makes Largest-Ever Open Market Purchase of Tesla Shares
Elon Musk, the Chief Executive Officer of Tesla, triggered a sharp surge in Tesla's stock price after purchasing 2.57 million shares of his own company.
According to a filing with the U.S. Securities and Exchange Commission (SEC) on September 15 (local time), Musk bought Tesla shares worth a total of 1 billion dollars (approximately 1.3884 trillion won) on September 12 through open market purchases. This is the largest amount Musk has ever spent on such a purchase.
The market interpreted this move as a sign of confidence from the CEO, and Tesla's stock price rose by more than 7% in pre-market trading compared to the previous session before the official opening of the U.S. stock market that day.
On the previous trading day, September 12, Tesla's stock closed at 395.94 dollars, up 7.36% from the previous day, marking its highest level in over seven months since February 6, when it closed at 374.32 dollars.
This is the first time in five years and seven months that Musk has made such a large-scale open market purchase of Tesla shares, with the last instance being on February 14, 2020, when he bought 200,000 shares (worth about 10 million dollars).
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