Elon Musk buys nearly $1B in Tesla stock in push for more control
12 hours ago
- #Tesla
- #Elon Musk
- #Stock Purchase
- Elon Musk purchased nearly $1bn worth of Tesla stock, reinforcing his push for greater control.
- Tesla shares jumped more than 8% in premarket trading following the news.
- Tesla aims to pivot from an EV maker to a tech leader, focusing on robotaxis, AI, and robotics.
- Musk disclosed buying 2.57m shares at prices between $372.37 and $396.54 per share.
- Tesla shares rose over 7% on Friday, extending gains from the previous session.
- Musk demands a 25% voting stake, threatening to develop AI and robotics outside Tesla otherwise.
- Tesla’s board proposed a trillion-dollar compensation plan for Musk, showing confidence in his leadership.
- Board chair Robyn Denholm dismissed concerns about Musk’s political activity affecting sales.
- Musk’s political clashes with Donald Trump had worried investors about distractions and lost sales.