Tesla shares jumped over 8% in premarket trading on Monday after a regulatory filing revealed that CEO Elon Musk had purchased nearly $1 billion worth of the electric-vehicle maker’s stock.
The stock purchase reinforces Musk’s push for greater control over Tesla. The company is currently racing to meet ambitious targets in robotaxis, artificial intelligence, and robotics as it works to transition from an EV manufacturer to a tech leader. According to LSEG data, Musk held a roughly 13% stake as of December.
The filing showed that Musk bought 2.57 million shares in open-market transactions on Friday, paying between $372.37 and $396.54 per share. This follows a more than 7% jump in Tesla shares on Friday, extending solid gains from the previous session. The stock, which is down about 2% this year, is on track for a third straight session of gains if premarket trends hold.
Musk has consistently demanded a larger stake and increased voting power at Tesla, even threatening to build AI and robotics products outside of the company if he does not receive a 25% voting share.
Earlier this month, Tesla’s board proposed a $1 trillion compensation plan for Musk, which was seen as a major vote of confidence in his leadership, despite the company’s recent struggles with heated competition and flagging EV demand.
On Friday, board chair Robyn Denholm dismissed concerns that Musk’s political activity had hurt sales, stating that the billionaire was “front and center” at the company after spending several months at the White House. Musk’s political activities and public clashes with President Donald Trump had previously caused investor worry about potential distractions and lost sales, weighing on the company’s stock this year.
