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Billionaire Elon Musk bought Tesla shares worth about a billion dollars, and after the announcement, the company’s shares, which have had growth problems this year, jumped more than six percent on the stock market today.
Musk already had a stake of around 13 percent in the company but has long sought greater control over the firm, which he is encouraging to invest in robo-taxis, automation, and artificial intelligence, the BBC reports.
The company’s board of directors recently proposed a compensation plan worth about $1 trillion, which would grant Musk up to 12 percent of the company’s shares, provided that Tesla reaches certain sales and revenue goals under his leadership.
The board also said it would award Musk $29 billion in stock as a special “interim” award after a larger pay package agreed upon in 2018 was overturned in a lawsuit. The proposals followed talks with Musk in which he demanded a 25 percent stake in the company, sometimes threatening to leave Tesla if he was denied it.
Musk’s purchase of about 2.5 million shares was completed on Friday and was confirmed and announced by regulators today. It is his first open market share purchase since 2020 and a sign of his investment in the company, which has been on the defensive this year.
Musk has tried to persuade shareholders to invest in robo-taxis and automation, but the company is struggling with declining sales as competition intensifies and the US ends tax breaks for electric cars. The brand has also taken a hit around the world as Musk deepens his political involvement, helping Donald Trump win the election.
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