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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n Tesla chief executive Elon Musk bought about $1bn of the electric-vehicle maker\u2019s shares last week, according to a filing, sending the stock up more than 8 per cent in pre-market trading on Monday. <\/p>\n Musk bought around 2.57mn shares at prices between $371 and $396, according to the regulatory filing on Monday.<\/p>\n The purchases came as Tesla chair Robyn Denholm defended the board\u2019s decision to offer Musk a $1tn pay package if he met a series of formidable targets over the next decade.<\/p>\n In an interview with the Financial Times, Denholm hailed Musk as a \u201cgenerational leader\u201d, adding that the best way to \u201coptimise the future of Tesla\u201d was to keep Musk in charge. The entrepreneur is the world\u2019s richest person, with a fortune estimated at $419bn.<\/p>\n The share acquisition is Musk\u2019s first on the open market since he bought shares worth about $10mn on Valentine\u2019s Day in 2020.<\/p>\n Musk has long argued that he wants to own at least a fifth of the shares to protect Tesla against activist investors or a takeover, as the carmaker pivots to developing powerful artificial intelligence technology and millions of robots.<\/p>\n Under his newly proposed pay package, Musk will be granted 12 per cent of Tesla\u2019s shares if over the next decade he can octuple its valuation to $8.5tn, boost earnings 24-fold and sell millions more cars and robots.<\/p>\n With the case still pending on Musk\u2019s 2018 pay deal that was struck down by a Delaware judge, Tesla last month awarded him an interim pay package that increased his ownership from 13 per cent to 16 per cent. <\/p>\n If the entire 2025 package is activated and Tesla wins the Delaware appeal, Musk\u2019s stake is expected to rise to about 29 per cent.<\/p>\n But Musk, who has long been Tesla\u2019s driving force, has drawn criticism this year for damaging the company\u2019s brand through his divisive politics.<\/p>\n Recommended<\/p>\n In May, he quit his role in US President Donald Trump\u2019s administration, where he ran the so-called Department of Government Efficiency, and vowed to dedicate more of this time to Tesla.<\/p>\n Shares in Tesla have fallen this year after rising following Trump\u2019s election in 2024. Its stock is down 2 per cent in 2025, compared with a 12 per cent rise for the S&P 500.<\/p>\n In an interview published at the weekend, Pope Leo singled out Musk as an example of the kind of wealth that was undermining \u201cthe value of human life, of the family, of the value of society\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":" Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Tesla chief executive Elon Musk bought about $1bn of the electric-vehicle maker\u2019s shares last week, according to a filing, sending the stock up more than 8 per cent in pre-market trading on Monday. Musk bought<\/p>\n","protected":false},"author":1,"featured_media":21433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[4564,923,91,1371,2228,1381],"class_list":{"0":"post-21432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-1bn","9":"tag-buys","10":"tag-elon","11":"tag-musk","12":"tag-shares","13":"tag-tesla"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/21432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21432"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/21432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/21433"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}