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Money Elon Musk buys 72,500 Tesla shares

03:10  14 june  2018
03:10  14 june  2018 Source:   reuters.com

Elon Musk sent an email to Tesla employees about another fire in its factory on Sunday

  Elon Musk sent an email to Tesla employees about another fire in its factory on Sunday Elon Musk sent an email to Tesla employees about another fire in its factory on Sunday

CNBC's Leslie Picker reports that Tesla founder and CEO Elon Musk has bought 33,000 more shares of the company's stock.

Elon Musk puts his money where his mouth is: buys .85M more shares of Tesla . Billionaire entrepreneur Elon Musk spent .85 million on more Tesla shares , boosting his company stake to nearly 20%.

Elon Musk smiling with water in the background: SpaceX founder Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral.© REUTERS/Joe Skipper SpaceX founder Musk smiles at a press conference following the first launch of a SpaceX Falcon Heavy rocket in Cape Canaveral.

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk bought 72,500 shares of the company's common stock, a regulatory filing showed on Wednesday.

Musk bought the shares at between $342.44 and $347.44 per share in multiple transactions on Tuesday and Wednesday.

He is already the electric car maker's largest shareholder and now owns 33.74 million shares worth about $11.6 billion.

Tesla, which continues to burn through cash as it spends on its assembly line and prepares for new investments on projects, is cutting several thousand jobs seeking to reduce costs and become profitable without endangering the critical production ramp-up for its Model 3 sedan.

Tesla will start enabling full self-driving features in August

  Tesla will start enabling full self-driving features in August Tesla has been promising true self-driving features in its cars for the better part of two years, but there has been precious little to show for it. Now, though, you might get what you paid for. Elon Musk has revealed that Autopilot version 9 should arrive in August, and Tesla will "begin to enable" the full autonomous driving features with that release. The company has "rightly focused entirely on safety" with previous versions, Musk said, but now it's time to spread its wings.

CNBC's Leslie Picker reports that Tesla founder and CEO Elon Musk has bought 33,000 more shares of the company's stock. Loading. President Trump marks 500 days in office as tariff tensions escalate.

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Tesla has been trying to hit a 5,000 per week production target of its Model 3 sedans after facing initial production hiccups.

Noted short seller Jim Chanos of Kynikos Associates said in an interview on CNBC that he continues to short Tesla's shares.

"The company will pull out all the stops, it will do a lot of one-time items, we believe, to show a GAAP profit in the third quarter. But they are just that, one-time items,” Chanos said.

"The basic problem is that he is making cars at not enough of a gross margin to make money, and that's before the competition rolls out, which is late this year and early next year."

(Reporting by Arunima Banerjee in Bengaluru and Noel Randewich in San Francisco)

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