Elon Musk has purchased roughly $1 billion USD (≈£735M) worth of Tesla shares, marking his first open-market buy since 2020 and signaling renewed confidence in the electric vehicle giant’s future.
The move, disclosed in a regulatory filing Monday, saw Musk acquire about 2.5 million shares at prices between $372 and $396, giving Tesla stock a more than 6% boost in early trading.
Musk, who already owns around 13% of Tesla, has long pushed for more control over the company as it ramps up investments in robotaxis, automation, and AI. Tesla’s board recently offered him a new compensation package valued at up to $1 trillion, which could grant him an additional 12% stake if performance targets are met.
While analysts view Musk’s buy as a strong vote of confidence, some speculate it may also be aimed at bolstering Tesla’s share price — potentially helping Musk reclaim the title of world’s richest person from Oracle founder Larry Ellison.
Tesla faces headwinds including slowing EV sales, rising competition, and reputational damage from Musk’s controversial political involvement. Still, board chair Robyn Denholm said Musk is “back, front and centre” at Tesla and remains the “right CEO” to steer the company through its next phase of growth.