Musk buys millions of Tesla shares, company’s stock price jumps
A week after Tesla Inc. proposed an unprecedented pay package that would make CEO Elon Musk the world’s first trillionaire, he responded by buying about $1 billion worth of shares, sending the company’s stock price soaring early Monday.
Musk purchased various amounts of shares at different prices Friday, according to a regulatory filing. The purchases, which totaled more than 2.5 million shares, were viewed by the markets as the billionaire remaining confident in the Austin company’s future.
Shares of the electric vehicle maker jumped more than 7% in premarket trading and were up nearly 6% by midmorning in regular trading. The stock is now up about 4% on a year-to-date basis, having recovered from a 45% decline as of early April.
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