"The billionaire bought the shares indirectly through a revocable trust on Sept. 12, according to a regulatory filing released Monday. The purchase coincided with Tesla Chair Robyn Denholm speaking with reporters about the merits of awarding Musk around $1 trillion worth of stock if the company achieves a series of ambitious market value and performance milestones. Tesla's shares jumped 6.4% at 11:44 a.m. in New York, touching their highest price since Jan. 22."
"Musk, 54, last bought Tesla stock in the open market in February 2020, according to data compiled by Bloomberg. The chief executive officer offloaded more than $20 billion of the company's shares in 2022, the year he acquired Twitter. The purchase amounts to a show of confidence in Tesla's prospects after a challenging first half of the year in which vehicle sales slumped 13% worldwide."
Elon Musk bought about $1 billion of Tesla shares through a revocable trust on Sept. 12. The purchase coincided with Tesla Chair Robyn Denholm discussing a proposed compensation package that could award Musk around $1 trillion in stock tied to market value and performance milestones. The buy lifted Tesla shares roughly 6.4%, touching their highest level since Jan. 22 and moving the stock into positive year-to-date performance. Musk previously sold over $20 billion of shares in 2022 and last purchased in the open market in February 2020. Tesla experienced a 13% worldwide vehicle sales decline and faces potential headwinds from expiring US EV incentives while pursuing robotaxis and humanoid robots.
Read at www.mercurynews.com
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