In a bid to boost Tesla stock, CEO Elon Musk has purchased around $1 billion worth of Tesla shares.
Following the purchase, Tesla stock rose by six percent on Monday, September 15.
A filing with the US Securities and Exchange Commission showed that Musk, who also owns social media platform X and space company SpaceX, acquired 2.57 million shares on Friday at prices between $371 and $396 each.
The investment comes in the same month Tesla outlined a proposed compensation package for Musk that could exceed $1 trillion if he delivers on ambitious growth targets driven by new technologies. Tesla chair Robyn Denholm has been actively defending the plan in recent business media appearances, describing Musk as “a generational leader” uniquely capable of steering the company in the years ahead.
The package would give Musk up to 12 percent more of Tesla’s total shares if the company hits a market capitalization of at least $8.5 trillion by 2035. A shareholder vote on the proposal is scheduled for November.
The plan also comes as Tesla challenges a Delaware court ruling that voided Musk’s previous 2018 pay deal worth $55.8 billion.
Tesla’s market capitalization currently stands at just over $1 trillion, below earlier highs following weaker-than-expected earnings. Analysts have linked the dip in performance partly to Musk’s political stances and alignment with far-right figures, which have drawn backlash and slowed sales in some key markets.
