Billionaire Elon Musk has purchased about $1 billion (£735 million) worth of Tesla shares, signaling strong confidence in the electric car manufacturer’s future. Tesla’s stock, which had struggled this year, jumped more than 6% in early trading following the news. Musk, who already owns roughly 13% of the company, has long aimed to increase his control as he pushes Tesla’s focus on robotaxis, automation, and artificial intelligence.
This recent purchase marks Musk’s first open market stock buy since 2020 and came shortly after Tesla’s board proposed a staggering compensation plan potentially worth $1 trillion, tied to ambitious company performance goals.
Despite facing challenges like declining sales and the end of US tax incentives for electric vehicles, Musk’s move is seen as a vote of confidence that could help rally investors. Analysts note that while there might be multiple motives behind the purchase, it strongly signals Musk’s commitment to Tesla’s future growth and innovation.
The shares were bought through numerous transactions on Friday at prices between $372 and $396 per share, disclosed in a regulatory filing. Musk previously demanded a 25% stake in Tesla and has hinted he might take AI projects outside the firm if denied greater control, highlighting his ongoing influence and ambitions at the company.
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