Tesla Shares Surge As Elon Musk Discloses First Stock Purchase In Open Market Since 2020: Report

According to a report by CNBC, Musk acquired 2.57 million shares of Tesla, totaling nearly $1 billion.

Tesla Inc.’s (TSLA) shares surged nearly 7% in Monday’s pre-market trade after co-founder and CEO, Elon Musk, reportedly disclosed his first purchase of the EV giant’s shares in the open market since 2020.

According to a report by CNBC, Musk acquired 2.57 million shares of Tesla, totaling nearly $1 billion.

Tesla’s shares shot up nearly 7% in Monday’s pre-market trade. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory, and it was the top trending stock on the platform.

According to a filing with the U.S. Securities and Exchange Commission (SEC), Musk acquired the 2.57 million Tesla shares in multiple tranches on Friday, with the acquisition price ranging between $371 and $396.

This comes at a time when Tesla’s board has proposed a $1 trillion pay package for Musk over the next decade. According to the new pay plan, while Musk will not receive a salary, he will be awarded up to 423.7 million shares of Tesla in installments when the company meets certain milestones, including an increase in earnings, vehicle deliveries, robotaxis, and humanoid robots, as stated in the company’s proposal.

On Friday, Tesla Board of Directors Chair Robyn Denholm dismissed concerns over the politics of CEO Elon Musk potentially depressing the EV giant’s sales. “From a politics perspective, obviously we’re in a democracy, so everyone gets to voice their points of view,” Denholm said, adding that Musk is back to leading Tesla “front and center.”

TSLA stock is down 2% year-to-date, but up 75% in the past 12 months.

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