Bloomberg reports that Elon Musk bought a total of 13,037 Tesla Inc. shares for $10 million on Feb. 14 as a filing with the U.S. Securities and Exchange Commission revealed. This gives him more grounds in the company.
With this new purchase, the Tesla boss owns about 34.1 million or 18.5% of the company. While he had bought the shares at an average of $767 each, reports claim that the shares have increased in price since after 14th February 2020.
As of Wednesday 19th February 2020, the Bloomberg report further revealed that Tesla’s share closed at a record high of $917.42. Also, Tesla has been on an unprecedented and astronomical rise since the turn of the decade.
In 2020, Tesla has become more valuable than many other car companies in the world. In fact, its market value is greater than that of General Motors Co., Volkswagen AG and Fiat Chrysler Automobiles NV combined.
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While things are going great for the company, it may be in for some huge challange posed by the rampaging coronavirus named COVID-19. Earlier this year, Tesla had announced the first set of Model 3 cars made at its Shanghai Factory called the Gigafactory 3.
The company estimated that the factory will be able to push out 250,000 electric vehicles annually. It was also to be responsible for the Tesla Model Y production.
However, these plans had been nipped in the bud following the virus’ spread. It had led to factories closing down as well as general stalling of trading activities. While the world looks to battle the COVID-19 back into non-existence, Tesla must find a way to fulfill their aspirations.
Elon Musk who had increased his hold in Tesla had also made headlines recently after he mentioned that there is a need to regulate Artificial Intelligence technology. He had also called out Bill Gates for choosing a Porsche Taycan over a Tesla car.
Musk is currently worth $40 billion and it would likely increase with how well his company is doing. There are also stories that SpaceX — another of his companies — will likely witness a rise in shares prices.
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