"Elon Musk is responding to the unprecedented pay package proposal from Tesla's board of directors by increasing his stake in the company. Musk bought $1 billion in Tesla stock through an irrevocable trust on September 12th, according to a regulatory filing released Monday. Tesla shares were trading up over 5 percent on the news, pushing the company's value into positive territory for the year."
"Musk is currently Tesla's largest shareholder, with a 13 percent stake in the company. But the CEO has said that he wants more control over the company in order to have more sway over its mission - which the board's plans aims to produce. Tesla's stock price has been on a rollercoaster this year, as rising competition in the EV market combined with Musk's political activities have weighed on the once high-flying company."
"The company's share of the EV market in the US slipped below 40 percent recently, as EV sales continue to slow and other models lure buyers away. Musk is betting the company's future on AI and robotics, recently releasing a new master plan that appears to downplay Tesla's core business of making and selling electric cars."
Elon Musk increased his Tesla stake by purchasing $1 billion of stock through an irrevocable trust on September 12th. The purchase lifted Tesla shares over 5 percent and marked his first open-market Tesla buy in more than five years after extensive share sales in 2022. The move follows a board proposal for an ambitious pay package tied to milestones such as producing over a million robots and robotaxis and creating $7.5 trillion in shareholder value. Musk holds about 13 percent of Tesla and seeks greater control as competition, slowing EV sales, and a pivot to AI and robotics reshape the company.
Read at The Verge
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