"Tesla's CEO bought around 2.6 million shares of the EV maker on Friday, a regulatory filing revealed on Monday. The purchases increased his share count by just 0.6% to around 413 million shares, lifting his ownership stake from roughly 12.7% to 12.8%. The 304 million shares from his 2018 compensation plan, which remain tied up in legal disputes, were not included in the filing. In calculating Musk's stake, Business Insider excluded the 96 million restricted shares he was granted in August."
"Musk said in January 2024 that he wanted at least 25% voting control of Tesla so he'd be "influential" but could still be "overturned." He added that without that level of control, he "would prefer to build products outside of Tesla." Scooping up $1 billion of stock is a step in the right direction, but Tesla's market value - $1.2 trillion at Friday's close - means even a person of Musk's means might struggle to buy his way to a 25% stake."
Elon Musk purchased about 2.6 million Tesla shares for roughly $1 billion, raising his stake from about 12.7% to 12.8%. The share count excluded 304 million shares tied to his 2018 compensation plan and 96 million restricted shares granted in August. Musk stated he wanted at least 25% voting control to remain influential yet potentially overturnable, and that he might build products outside Tesla without that control. Tesla's market capitalization near $1.2 trillion means acquiring an additional 12.2% would likely cost well over $150 billion and large purchases would push the stock price higher.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]