Tesla Inc.(Nasdaq:TSLA): CEO Elon Musk, purchases $25 million more of Tesla (TSLA) stock - StockNews.com

Shares of Tesla Inc. TSLA, -2.09% rose 0.2% in premarket trade Tuesday, after the company disclosed late Monday that Chief Executive Elon Musk spent $25 million to buy more shares in the electric car maker, increasing his stake to just under 20%. Musk bought 102,880 shares on May 2 at an effective price of $243.00, according to filing with the Securities and Exchange Commission. The stock has rallied 4.6% the past two sessions to close Monday at $255.34. That brings the number of shares beneficially owned by Musk to 33,927,560, or 19.5% of the shares outstanding. Tesla’s stock has tumbled 23.3% year to date, while the S&P 500 SPX, -1.49% has climbed 17.0%.

Tesla Inc. shares were trading at $248.49 per share on Tuesday morning, down $6.85 (-2.68%). Year-to-date, TSLA has declined -25.33%, versus a 15.80% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of D (Sell), and is ranked #17 of 25 stocks in the Auto & Vehicle Manufacturers category.

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