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5/22, 1:05 AM (Source: TeleTrader)
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Musk increases stake in Tesla

CEO and founder of Tesla Inc. Elon Musk increased his stake in the company by exercising options on 175,000 of Tesla common stock, a Securities and Exchange Commission filing dated May 20 showed.

Musk acquired the new shares for $31.17 each and did not sell other Tesla shares for the transaction. He also paid taxes and a fee for exercising the options, totaling $20.4 million. The billionaire still has 4.6 million similar options that he can use to increase his stake in the company in the next three years.

Musk is the largest shareholder in Tesla. The company's stock was 1.45% lower in after-hours trade, going for $202.47. Tesla is down 24.95% over the past 30 days and lost 38.38% of share value since January.

Breaking the News / VP