Musk Buys Back $9.9 Million in Tesla Stock

Tesla Inc. CEO Elon Musk has bought back $9.9 million in Tesla stock after several days of rants against investors and others who have questioned the electric car company’s financial outlook.

Last week Musk dismissed some questions by analysts as “boring” and “boneheaded.” He groused that the queries, made during Tesla’s first-quarter report of deepening losses, came from short-sellers who are betting against the company.

Musk’s odd performance caused Tesla’s share price to drop nearly 6% on Thursday. On Friday he defended his comments but conceded it was “foolish” not to answer the questions.

Since then he and billionaire investor Warren Buffett have been exchanging taunts about the value of “moats,” meaning strong brands that act as a barrier for competitors. Buffett considers them important, citing the See’s Candies company he owns.

Musk, who says innovation is more important than brand, responded by declaring himself “super serious” about launching his own candy company. He added on Saturday that he will build a moat, fill it with candy and that the result would be kryptonite for Buffett’s Berkshire Hathaway Inc. investment company.