Musk buys Tesla shares worth $1B

Elon Musk bought over 2.5 million shares of his EV company last week, marking his first purchase since 2020.

The move, a show of confidence in the company, comes as Tesla’s board promotes a new compensation plan that could make him the world’s first trillionaire if he meets bold targets.

The purchase, disclosed in a Monday filing, lifted investor confidence—Tesla’s shares jumped more than 6% in early trading. 

Board chair Robyn Denholm defended the plan, saying Musk could achieve world-changing technology if driven by ambitious goals. 

To unlock the payout, Musk must raise Tesla’s valuation to $8.5 trillion, deploy one million autonomous taxis and robots, and boost its profits more than 24-fold from last year.

Still, some investors oppose the plan, citing Tesla’s recent sales slump.