Elon Musk purchases USD 5m worth of SolarCity stock

The chairman and largest stockholder of SolarCity Corp (NASDAQ:SCTY), Elon Musk, has bought USD 5 million (EUR 4.4m) worth of company shares as the stock price dropped to its lowest since October 2013.

Musk purchased on Monday 123,510 SolarCity shares at a weighted average price of USD 40.4855 apiece through open market transactions, shows a filing with the Securities and Exchange Commission (SEC).

On Friday, the US residential solar firm saw its stock close at USD 40.99. The plunge came after hedge fund manager Jim Chanos told the CNBC that SolarCity’s business model is similar to the one of a subprime financing firm.

SolarCity’s stock closed at USD 43.87, up 7.03%, in New York on Monday.

As of June 30, 2015, the residential solar company had a cumulative 1,418 MW installed and 262,495 customers.

(USD 1.0 = EUR 0.872)

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