Desk Report:
Tesla CEO Elon Musk has bought nearly $1 billion worth of Tesla shares, according to a regulatory filing. Musk’s control over the company has been further strengthened.
Tesla shares rose more than 8 percent in early trading on Monday after the news.
Tesla is currently on a roll with ambitious plans to expand its reach into robotaxis, artificial intelligence (AI) and robotics. The company is seeking to transform itself from an electric carmaker into a technology company. According to LSEG, Musk owned about 13 percent of Tesla in December 2024.
Musk bought 257 million shares on Friday, according to a regulatory filing. The price per share fell between $372.37 and $396.54.
Earlier on Friday, Tesla shares rose more than 7 percent, extending their previous day’s gains. Although Tesla shares are down about 2 percent so far in 2025, they are on track for a third straight day of gains in three days.
Elon Musk has long demanded a larger stake and voting rights in Tesla. He has even threatened to leave Tesla and develop AI and robotics technology if he does not get 25 percent of the voting power.
Earlier this month, Tesla’s board of directors proposed a trillion-dollar compensation package for Musk. This reflects the board’s broad confidence in Musk’s leadership, although the company is currently under pressure from fierce competition and weak demand for electric vehicles.
Meanwhile, Tesla’s board chair Robin Denholm expressed concern on Friday that Musk’s political activities have affected sales. He said Musk is now back at the “center of the organization” and is focusing entirely on Tesla after spending several months in the White House.
Musk’s political activities and public feud with Donald Trump have raised concerns among investors, putting pressure on the company’s shares.
