"Billionaire Elon Musk has scooped up roughly $1bn (735m) worth of Tesla shares, in what is being seen as a vote of confidence in the electric car maker. Shares in Tesla, which have struggled to advance this year, jumped more than 6% in early trading on Monday on the news. Musk already held a roughly 13% stake in the company, but he has long sought more control of the firm, which he has been pushing to invest in robotaxis, automation and artificial intelligence (AI)."
"The company's board recently proposed a compensation plan valued at roughly $1 trillion, which would grant Musk up to 12% of the firm's shares if the company reaches certain targets. The board also said it would grant him $29bn worth of shares last month as a separate "interim" award, after a larger pay package agreed in 2018 was struck down in a court battle."
Elon Musk purchased about $1bn (735m) of Tesla shares, buying roughly 2.5 million shares in his first open-market purchases since 2020. The filing disclosure helped lift Tesla shares more than 6% in early trading. Musk already held about a 13% stake and has sought greater control while urging investments in robotaxis, automation and artificial intelligence. The board proposed a compensation plan valued at roughly $1 trillion that could grant Musk up to 12% of shares if targets are met and separately awarded him $29bn as an interim grant. Musk previously demanded a 25% stake and at times threatened to quit. Tesla faces falling sales, rising competition and the end of US EV tax breaks, and Musk's political involvement drew UK government criticism after a video appearance at a rally organised by far-right activist Tommy Robinson.
Read at www.bbc.com
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