Elon Musk Buys $1 Billion in Tesla Stock, Share Price Jumps
Elon Musk is buying up Tesla shares as he looks to strengthen his control over the EV maker.
An SEC filing made public Monday showed that Musk purchased nearly $1 billion worth of the company’s stock last week.
The billionaire bought around 2.57 million Tesla shares at prices ranging from around $372 to $396 on September 12, the SEC filing showed.
The spending spree boosts the size of Musk’s stake in the electric vehicle giant, which he has run since 2008, by around 0.6%.
It comes after Tesla’s board unveiled a new proposed CEO pay package earlier this month that could be worth as much as $1 trillion.
Musk, who holds a 13% stake in Tesla, has complained in the past about his level of control over the company. In…
