Tesla shares rise over 6% after Musk discloses USD 1 billion share buy
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The news: Elon Musk bought about USD 1 billion worth of Tesla shares last week, marking his largest-ever insider acquisition by value and his first open-market purchase since 2020.
The numbers: The filing, released Monday, showed Musk acquired 2.57 million shares through a revocable trust on 12 September, at prices between USD 371 and USD 396.54.
Tesla shares rose more than 6% following the disclosure, which now puts them up by more than 4% for the year.
The context: The purchase last Friday came as Tesla chair Robyn Denholm defended the board’s recent decision to offer Musk a USD 1 trillion pay package tied to ambitious market value and performance milestones.
That offer came despite Tesla’s stock being weighed down this year by falling global vehicle sales, shrinking EV market share and investor concerns over Musk’s political activity.
Denholm called Musk a “generational leader” and said his political motivations were up to him. A day later, Musk remotely addressed a UK rally organised by far-right agitator Tommy Robinson, warning “violence is coming,” prompting condemnation from the UK prime minister’s office.
The sources: SEC filing, Bloomberg
