October 17, 2018 / 1:16 PM / 2 months ago

Musk to purchase Tesla stock worth $20 mln

FILE PHOTO: Tesla Motors CEO Elon Musk introduces the falcon wing door on the Model X electric sports-utility vehicles during a presentation in Fremont, California September 29, 2015. REUTERS/Stephen Lam/File Photo

(Reuters) - Tesla Inc (TSLA.O) 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 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.

Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur

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