"A filing with the U.S. Securities and Exchange Commission (SEC) revealed that Musk acquired 2.57 million shares last Friday at various prices. The move represents Musk's largest TSLA purchase ever by value, as per Verity data. Elon Musk's TSLA purchase The disclosure sent Tesla shares up more than 8% in premarket trading Monday, as investors read the purchase as a notable vote of confidence, as stated in a CNBC report."
"Market watchers say the purchase could help shore up investor sentiment amid a volatile year for TSLA stock. Shares have faced pressure from a variety of factors, from year-over-year sales challenges due to the new Model Y changeover, political controversies tied to Musk, and reduced U.S. incentives for EVs under the Trump administration. Nevertheless, analysts such as Wedbush's Dan Ives stated that Musk's purchase was a "huge sign of confidence for Tesla bulls and shows Musk is doubling down on his Tesla A.I. bet.""
Elon Musk acquired 2.57 million Tesla shares last Friday via an SEC filing, representing roughly a $1 billion insider purchase and his largest TSLA buy ever by value. The disclosure drove Tesla shares up more than 8% in premarket trading as investors treated the move as a vote of confidence. Prior to this purchase, Musk's most recent buy was about 200,000 shares worth $10 million in 2020. Market watchers said the acquisition could help shore up investor sentiment amid sales challenges from the Model Y changeover, political controversies, and reduced U.S. EV incentives. Musk owns about 13% of Tesla and the purchase comes ahead of a November shareholder vote on a massive compensation package with an $8.5 trillion market-cap target.
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