Tesla CEO Elon Musk has purchased about $1 billion worth of company shares, according to a regulatory filing, a move that pushed the stock price up six percent on Monday.
The filing with the U.S. Securities and Exchange Commission revealed that Musk, who also owns X and SpaceX, acquired 2.57 million shares on Friday at prices ranging from $371 to $396.
This development comes the same month Tesla introduced a proposed compensation package for Elon Musk that could potentially exceed $1 trillion if he achieves his ambitious growth targets with new technologies.
Tesla chair Robyn Denholm has defended the plan in recent interviews, praising Elon Musk’s leadership.
“He is a generational leader,” Denholm said Friday on Bloomberg TV. “There aren’t any other people out there like Elon who can actually lead the company over the next decade or so.”
The proposal would grant Musk up to 12 percent of Tesla’s total shares, contingent on the company reaching a market capitalization of “at least $8.5 trillion by 2035.” A shareholder vote on the package is set for November.
Currently, Tesla’s market capitalization stands at just over $1 trillion, down from previous highs following weaker earnings reports. Analysts have pointed to Musk’s outspoken political views and association with far-right causes as factors driving recent sales declines in key markets.
