Tesla CEO Elon Musk has acquired nearly $1 billion worth of Tesla stock, according to a regulatory filing, triggering a six percent rise in the company’s share price on Monday.
The filing with the U.S. Securities and Exchange Commission revealed that Musk purchased 2.57 million shares on Friday, at prices ranging between $371 and $396. The move comes just weeks after Tesla introduced a proposed compensation package for the billionaire that could be worth more than $1 trillion if he achieves the company’s ambitious growth targets in emerging technologies.
Robyn Denholm, Tesla’s chair and longtime Musk ally, has publicly defended the compensation plan in recent interviews. Speaking on Bloomberg TV, Denholm praised Musk as a unique visionary, saying: “He is a generational leader. There aren’t any other people out there like Elon who can actually lead the company over the next decade or so.”
If approved, the package could grant Musk as much as 12 percent more ownership in Tesla. For the full payout to be realized, Tesla must hit a staggering market capitalization of at least $8.5 trillion by 2035. Shareholders are expected to vote on the proposal in November.
The new plan follows Tesla’s ongoing legal battle in Delaware, where a court previously struck down a 2018 pay package for Musk valued at $55.8 billion.
At present, Tesla’s market capitalization stands slightly above $1 trillion—down from its all-time high, as weaker earnings and growing controversy around Musk’s political affiliations have weighed on the company. Analysts suggest his vocal support of far-right figures has damaged Tesla’s brand, leading to declining sales in some key markets.
