Originally published on .
Elon Musk, already the chairman of rooftop solar installer SolarCity and its biggest shareholder, bought $5 million more of the company’s stock on Monday.
Founder, chairman, and major shareholder — as well as the CEO of both Tesla and SpaceX — Elon Musk made use of Monday’s horrible stock market trends to pick up 123, 510 shares in SolarCity at $40.49 — a low that has not been surpassed since . This purchase, though impressive, only boosts Musk’s holdings in SolarCity by about 0.6%.
Bloomberg Business pointed out that “Musk expanded his position after hedge fund manager Jim Chanos said Friday that he’s short on the company, ” which triggered a “rout that drove the shares down 13%.”
GTM Research places SolarCity as the largest rooftop solar developer in the US by far — with 34% of installations, well above its nearest competitors — Vivint Solar has 12%, and Sunrun 10%.
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Tags: Elon Musk, SCTY, SolarCity, SolarCity stock
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Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.
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