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Musk to purchase Tesla stock worth $20 million

FILE PHOTO: Tesla Motors CEO Elon Musk speaks during the National Governors Association Summer Meeting in Providence, Rhode Island, U.S., July 15, 2017. REUTERS/Brian Snyder/File Photo

(Reuters) - 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.

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 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.


(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)