Tesla CEO Elon Musk has announced that he has not sold any of the company’s stock in the past three years. Instead, he has invested in acquiring more Tesla shares, with a notable purchase of $1 billion worth of stock last year. This revelation comes as Musk responds to a social media post, confirming his commitment to the electric vehicle giant.
Recent Stock Purchases
Musk’s claims are supported by a review of SEC filings, which show that he has purchased over 2.57 million Tesla shares, valued at approximately $1 billion. The shares were bought at $389 per share, demonstrating Musk’s confidence in the company’s future growth.
Tesla’s New Lithium Refinery
The news coincides with Tesla’s announcement of a new lithium refinery in the US, a first-of-its-kind facility in North America. The refinery will extract Lithium Oxide from Spodumene, a naturally occurring ore that is a crucial source of lithium. This development is expected to support Tesla’s booming energy storage business.
Industry Reactions
Investment firm Gerber Kawasaki’s co-founder, Ross Gerber, has criticized Musk, suggesting that he may be partially responsible for the sector-wide rollback of EVs. In contrast, ARK Invest’s CEO, Cathie Wood, has touted Musk’s commercial space flight company, SpaceX, as a potential trillion-dollar company, amid talks of a potential IPO.
Market Performance
Tesla’s stock price has experienced a slight decline, slipping 0.24% to $437.50 at market close on January 16. However, the company remains a strong player in the electric vehicle market, with a favorable price trend in the medium and long term.
Key Takeaways
- Elon Musk has not sold any Tesla stock in the past three years
- Musk has purchased $1 billion worth of Tesla shares last year
- Tesla has announced a new lithium refinery in the US
- Industry reactions to Musk’s announcements have been mixed
- Tesla’s stock price has experienced a slight decline, but remains favorable in the medium and long term