"Tesla shares jumped 6 percent on Monday after CEO Elon Musk disclosed that he had bought $1bn worth of the company's stock. The move reinforces Musk's push for greater control over Tesla and comes a week after the company's board offered him a $1 trillion pay package over the next decade. Musk's stock purchase his first open-market buy-up of shares since 2020 comes at a critical time for Tesla, as it races to transform into an artificial intelligence and robotics firm"
"On September 12, Musk, 54, purchased 2.57 million shares (which represents less than one percent of Tesla's market capitalisation), paying between $372 and $397 per share as the price varied through the day, according to regulatory filings. He now owns almost 20 percent of Tesla, which seemingly pleases its investors. Tesla's share price rose to around $422 on Monday still 12 percent lower than its all-time high of $479 (reached in December 2024)."
Elon Musk purchased about 2.57 million Tesla shares on September 12, paying between $372 and $397 per share and spending roughly $1bn. The purchase was Musk's first open-market buy since 2020 and raised his ownership to almost 20 percent. Tesla shares jumped about 6 percent to roughly $422, still below the $479 all-time high reached in December 2024. The board recently offered Musk a $1 trillion pay package, drawing criticism from figures including Pope Leo, who cited widening CEO-worker pay gaps. Tesla faces falling EV sales while pivoting toward artificial intelligence and robotics. Musk's estimated wealth stands near $367bn.
Read at www.aljazeera.com
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