Billionaire entrepreneur and Tesla CEO, Elon Musk, has once again shaken Wall Street after purchasing nearly $1 billion worth of Tesla shares, a bold move that sent the company’s stock soaring by six percent on Monday, September 15.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Musk acquired 2.57 million Tesla shares last Friday at prices ranging between $371 and $396 each.
This massive investment comes just weeks after Tesla proposed a jaw-dropping compensation package for Musk, one that could potentially surpass $1 trillion if the company achieves its ambitious growth targets by 2035. Under the proposed plan, Musk could gain up to 12% more of Tesla’s shares if the company’s market cap reaches at least $8.5 trillion.
While Tesla currently holds a market capitalization of just over $1 trillion, analysts note recent dips in performance, partly tied to Musk’s controversial political stances. Still, Tesla chair Robyn Denholm has strongly defended Musk, calling him a “generational leader” with the vision to drive the company’s future innovations. A crucial shareholder vote on the compensation package is expected this November.
