Elon Musk, the Tesla CEO, has purchased nearly $1bn worth of the electric-vehicle maker’s stock, a regulatory filing showed, reinforcing Musk’s push for greater control over Tesla.
Tesla shares jumped more than 8% in premarket trading on Monday following the news.
Tesla is racing to meet its ambitious targets on robotaxis, artificial intelligence and robotics as it looks to pivot from an EV maker to a tech leader. As of December, Musk held a roughly 13% stake, according to LSEG data.
Musk disclosed buying 2.57m shares in open-market transactions on Friday, paying between $372.37 and $396.54 per share, according to the filing.
Tesla shares jumped more than 7% on Friday, extending solid gains from the previous session. The stock, which is down about 2% this year, is on track to record a third straight session of gains if premarket moves are sustained.
Musk has consistently demanded a bigger stake and increased voting power at Tesla, having also threatened to build AI and robotics products outside of Tesla if he cannot get 25% voting power.
Earlier this month, Tesla’s board proposed a trillion-dollar compensation plan for Musk, in a huge vote of confidence for Musk’s leadership from the board, even as the company stumbles amid heated competition and flailing EV demand.
On Friday, board chair Robyn Denholm dismissed concerns that Musk’s political activity had hurt sales and said the billionaire was back “front and center” at the company after several months at the White House.
Musk’s political activity and public clashes with Donald Trump had stirred worries among investors about distractions and potential lost sales, weighing on the company’s stock this year.
