Elon Musk purchased $1 billion worth of Tesla shares on Friday, his first open market buy since 2020, as he seeks greater control over the company as it pivots to robotaxis and AI.
U.S. equities were higher at midday on positive comments about China trade and the future of TikTok from President Trump, as well as Tesla (TSLA) news. S&P 500 and Nasdaq gained, while the Dow Jones Industrial Average was little changed.
CNBC's Robert Frank joins 'Money Movers' to discuss Tesla shares jumping after CEO Elon Musk disclosed Monday his first purchase of the stock in the open market since February 2020.
Tesla Inc (NASDAQ:TSLA) investors should be "relieved" that the company wants to pay CEO Elon Musk
Elon Musk revealed Monday that he purchased $1 billion worth of Tesla's stock – a major show of confidence that sent shares of the electric car maker surging 7% in early trading.
Elon Musk filed a Form 4 on September 15, disclosing a purchase of nearly 2.57 million shares in Tesla (NASDAQ: TSLA) at prices between $371–$396, totaling around $1 billion.
Tesla Inc (NASDAQ:TSLA) shares gained nearly 6% to $417.94 in early Monday trading after a Securities and Exchange Commission (SEC) filing revealed that company CEO Elon Musk bought 2.57 million Tesla shares on Friday, at prices between $371.38 to $396.54 per share, valued at about $1 billion. Following the transaction, Musk now owns 509,362,808 Tesla shares.
Tesla (TSLA) shares surged 8% in premarket trading Monday after it was revealed CEO Elon Musk purchased some $1 billion worth of the electric vehicle's stock.
Tesla's stock has underperformed this year, but Musk is putting more of his money where his mouth is as he makes his first open-market purchase of shares since 2020.
Tesla stock has been on a tear lately. Wedbush analyst Dan Ives thinks it comes down to Elon Musk and his plans to make Tesla an AI leader.
U.S. electric carmaker Tesla plans to raise production at its German plant for the rest of the year due to strong sales, the head of the Gruenheide factory told Germany's DPA news agency on Sunday.
With Tesla shareholders set to vote on a proposed 10-year, $1 trillion compensation package for CEO Elon Musk in November, board chair Robyn Denholm spoke to The New York Times to defend what would be the largest pay package in corporate history.