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Musk bets on Tesla, buying 72,500 shares for $US25m

Financial Review
Musk bets on Tesla, buying 72,500 shares for $US25m

Think the run-up in Tesla shares is about done? Elon Musk doesn't seem to think so. The CEO shelled out $US24.9 million ($32.9 million) to buy 72,500 more shares on Tuesday, according to a regulatory filing. The purchase followed a roughly 13 per cent jump for the stock since its chief executive bought $US9.85 million worth of shares on May 7. Tesla rallied after Musk, 46, struck a confident tone with investors during the electric-car maker's annual meeting last week. As part of Tesla's drive toward long-elusive profitability, Musk announced on Tuesday that the company will dismiss about 9 per cent of employees. The across-the-board cutbacks almost entirely involve salaried workers at Tesla's