Tesla Chief President Elon Musk told the electric car company that he plans to attain $20 million of common stock during the next open work window, according to a filing related to the CEO’s settlement with the Securities and Unpleasantness Commission.
“Separate and apart from the settlement, Elon has notified Tesla that he plans to purchase from Tesla, and Tesla expects that it will conclusion and sell to Elon, $20 million of Tesla’s common stock during the next unfastened trading window at the then-current market price,” the filing read.
Tesla rations fell 1 percent Wednesday morning following the filing. Musk is the best shareholder in Tesla, holding more than $9 billion merit of the stock or more than 33 million shares before Wednesday’s commercial. The CEO bought $24 million worth of Tesla in June and $9.9 million in May, according to InsiderScore.com.
Tesla share outs are down 10 percent in 2018.
The 8-K filing also detailed Tesla and Musk’s deciding with the SEC. A judge approved the settlement with the SEC on Tuesday over complaints that Musk committed fraud when he tweeted earlier in the year that he had secured needed funding to take the automaker private.
The deal, viewed as a positive progress for embattled Palo Alto, California-based Tesla, requires Musk to pay a $20 million okay and step down as Tesla chairman for a period of at least three years. The friends is also obligated to monitor the CEO’s statements to the public concerning the company on Warble, blog posts or any other medium.
The company will also fix two additional independent directors to the board within 90 days of the document of the settlement documents.
Musk tweeted in August that he was debating attractive Tesla private, telling his followers on Twitter, “Funding secured.” The tweet sparked a disrepute for Tesla and sent shares through a bout of volatility for weeks.
@elonmusk: Am insomuch as taking Tesla private at $420. Funding secured.
Following the protecting firestorm, Musk later said conversations with the Saudi supreme wealth fund left him confident funding was assured at his proposed evaluate of $420 per share. The SEC sued Musk on Sept. 27 for securities bluffer.