Elon Musk, a billionaire entrepreneur, has added $10 million worth shares of SolarCity Corp. on Friday to his holdings. Musk is the chairman of SolarCity while CEO of electric car maker Tesla Motors and privately held Space X. Lyndon Rive, his cousin serves SolarCity as its CEO.

Musk has bought 569,680 SolarCity shares at $17.55 per share. The stock has hit a 52 week low of $16.67 on the next day of his purchasing. His acquisition may bring confidence among the investors in SolarCity stock as a long term investment. Probably the entrepreneur has taken the lower stock price as an opportunity for purchasing, reports Fortune.

SolarCity shares have closed at $20.79 on Wednesday and Musk's recent purchase is now worth about $11.8 million. The billionaire now holds 22.15 million shares of the company worth around $460 million as of Wednesday, according to a report published in the MarketWatch.

SolarCity's market cap is $1.70 billion. 50-day moving average of the stock is $36.99 while that of 200-day is $41.41. The renewable energy company has released its quarterly earning results on Tuesday, February 9. It has reported $2.37 earnings per share (EPS) for the quarter off beating Zacks' consensus estimate of $2.59, reports The Vista Voice.

The business has posted revenue of $115.48 million during the quarter exceeding analysts' predictions for $106.43 million. The company has recorded $1.47 EPS during the same quarter of the previous year. SolarCity Corp. is expected to post $9.29 EPS for the current year.

A regulatory filing on Wednesday shows that Jana has got rid of its SolarCity shares. Jana has acquired more than 5 million of the company's shares to become its fourth largest investor.