Making good on a promise, Tesla Motors CEO and founder Elon Musk purchased $20 million in stock this week during the company s public offering.
The Palo Alto-based automotive company raised $738 million from investors this week, according to federal regulatory filings. Musk purchased 82,645 shares at $242 per share, a $20 million investment. The founder now holds 28 million shares in the company.
Tesla announced a new public offering Aug. 13 in a filing with the Securities and Exchange Commission. The company said the cash influx would be used to grow U.S. and international business, including expansion of stores, service shops, its Supercharger network and energy business. Musk announced he would purchase up to 83,974 shares.
Tesla Chief Financial Officer Ahuja Deepak exercised $1.2 million in stock options, according to the SEC filing. The long-held options were set to expire in September and April.
The company also announced a partnership this week with Airbnb. Tesla will install charging stations at high-end properties, according to the company.
Photo: An exterior view of Tesla s Model S in 2011 at the company s headquarters in Palo Alto. (Dai Sugano/Mercury News)
