It was Musk’s first purchase of Tesla stock on the open market since February 2020.
Musk bought 2.57 million shares of Tesla stock for close to $1 billion U.S., a sizable insider purchase that investors are treating as a vote of confidence in the electric vehicle maker from its CEO.
Stock purchases by Elon Muck are extremely rare. He last bought about 200,000 Tesla shares worth $10 million U.S. on February 14, 2020, which was Valentine’s Day.
Until now, the 2020 purchase had been the largest ever Tesla stock buy from Musk, who owns about 15% of Tesla.
However, the majority of Musk’s Tesla stock holdings were awarded to him as compensation.
The latest stock purchase comes after shareholders recently approved a new pay package for Musk that could be worth up to $1 trillion U.S. based on Tesla meeting future milestones.
Prior to today, TSLA stock had risen 4% on the year to trade at $395.94 U.S. per share. The stock has risen more than 25% over the last three months.
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