Business magnate, investor, engineer, eccentric billionaire, Tesla (TSLA) co-founder and CEO Elon Musk, purchased upwards of 70,000 shares of the company, coinciding with his announcement of layoffs of almost 10% of employees.

In a Wednesday SEC filing, Tesla made public the information that Musk had purchased 72,500 shares on June 12 and 13, at weighted average prices between $342.78 and $347.01. Musk spent about $25 million on these shares.

Prior to these purchases, Musk owned 33.7 million shares of Tesla, or about 19.8% of the company. After this latest purchase, Musk now owns about 33.77 million shares of the company, still roughly equivalent to a 20% stake in the company.

This move comes on the heels of Musk buying nearly $10 million in company stock last month, in what appeared to be a response to those shorting the stock. Shorting Tesla has not appeared a wise move over the last few years - short sellers were down $3.4 billion in all of 2017, and down $2 billion so far this month

The report comes amidst other significant news becoming public, that the company is laying off nearly 10% of its workforce. This news was qualified in a statement made by Musk, who clarified that the cuts would be targeting salaried employees, and not factory jobs, ensuring that the company's production of the Model 3 would go unaffected.

What Musk is hoping to achieve with the $25 million gambit is yet unknown.

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