Earlier this week Tesla CEO Elon Musk took some heat from industry investors and short-sellers for refusing to answer pointed questions about Tesla’s finding requirements going forward. Musk responded to questions about his behavior by warning people who are betting against the company on the stock market that they are about to get ‘burn’, then followed up those warning by investing a further $10 million of his own money back into TSLA shares. That’s according to an SEC filing, below, that was recently posted to Electrek.
SEC Filing for Elon Musk TSLA Stock Buy
The move is being hailed by Tesla
fanboys cultists supporters as a massive vote of confidence in the electric car maker’s future by the prominent and media-savvy CEO. Others, though, might look at things a bit differently. Especially considering Musk already owned more than $10 billion worth of TSLA before making this move.
For those of you who aren’t quick on the draw with your calculators, Tesla’s CEO improved his stock position by 0.1% — which is more or less a rounding error, if you think of it in that context. Maybe not even enough to register as an “error” at all. I mean, how many times a day do you sweat your 401k moving a tenth of a percent? It’s not often, I’d bet … but it’s good PR!
What do you guys think? Is this move the start of a big buyback of shares for Musk as Tesla pushes towards profitability, or is this a cynical PR move meant to deflect attention away from the insanity of really going on over there? Let us know what you think in the comments section at the bottom of the page.