Billionaire magnate Elon Musk has bought shares in Tesla worth $1 billion, a sign of confidence in the EV carmaker brand, as per an official SEC filing on Monday; all purchases were made indirectly through a trust.
The purchases sent the stock of the EV company up by 8% in pre-market trading on the same day, according to the Guardian. After the slew of purchases, Musk now owns approximately 13% of Tesla.
Elon Musk has been selling Tesla stock for years
The move comes after years of Tesla stock being sold by the tycoon, with his last purchase made in 2020. His most notable sale of shares occurred in 2022, when he had to secure financing to acquire Twitter, which he then re-branded to X.
The update comes after the board of directors for Tesla had set an ambitious pay package earlier in September via share compensation of $1 trillion if Musk can unlock growth for the company by boosting the market capitalization initially to $2 trillion, with a final goal of reaching $8.6 trillion.
Source: Google Finance
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