Elon Musk to purchase $20 million stock of Tesla in the next trading session

Tesla and Musk agreed to pay $20 million each as fine as part of a settlement with the US SEC.

Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.

Elon Musk. Image: Tech2

Elon Musk. Image: Tech2

The news comes weeks after Tesla and Musk agreed to pay $20 million each as fine as part of a settlement with the U.S. Securities and Exchange Commission.

Tesla said here the purchase is 'separate and apart from the settlement' between Musk, Tesla and the SEC. Shares of the company rose 2 percent in premarket trading.

In more recent news, Elon Musk said a new chip that improves autopilot features would be available in about six months in all of the company’s new production electric cars.

In a series of tweets, Musk said ..."~6 months before it is in all new production cars. No change to sensors. This is a simple replacement of the Autopilot computer. Will be done free of charge for those who ordered full self-driving."

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