Elon Musk snaps up SolarCity stock

L-R: Pete Rive, Elon Musk, Lyndon Rive/ SolarCity photo
L-R: Pete Rive, Elon Musk, Lyndon Rive/ SolarCity photo

By Gina Hall | Phoenix Business Journal

(Disclosure: Rose Law Group represents SolarCity.)

While everyone was panicking about the market on Monday, Elon Musk was buying.

The tech billionaire increased his stake in SolarCity as the solar rooftop installer’s stock fell to a 22-month low. Musk, who serves as chairman of the San Mateo-based solar company, purchased 123,510 shares for $40.49, or about $5 million worth, increasing his holdings in the company by almost 0.6 percent.

Musk currently owns 20,805,082 shares. SolarCity closed up $3.62, or 8.83 percent, to end the day at $44.61 per share. While based in California, SolarCity is the biggest installer in Arizona and has hundreds of employees in the state.

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