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Elon Musk Buys $5 Million of SolarCity Shares After Plunge

  • SolarCity chairman increases stake by 123,510 shares
  • Musk's purchase comes after Chanos reveals short position

Elon Musk, the billionaire chairman of SolarCity Corp. and the company’s biggest shareholder, increased his stake after the top U.S. installer of rooftop power plants fell to a 22-month low.

Musk bought 123,510 shares at a price of $40.4855 each, according to a regulatory filing Monday after the close of regular U.S. trading, boosting his holdings by about 0.6 percent.