Elon Musk bought US$1 billion in Tesla shares on September 12, a move disclosed in a filing on September 15.

The purchase brought Musk an additional 2.6 million shares, increasing his stake by less than 1% to about 12.8% of the company.

Tesla shares rose nearly 4% on September 15, erasing the stock’s year-to-date losses after a period when shares were down as much as 42% from the end of 2024.

Large share purchases by CEOs with personal funds are rare, as most typically acquire shares through exercising stock options.

Tesla has faced a challenging year, with sales drops in Q1 and Q2, increased competition from Chinese automaker BYD, and the impending end of a US$7,500 EV tax credit for US buyers.

Last week, Tesla proposed a new pay package for Musk that could be worth up to US$1 trillion if the company meets specific sales and valuation targets.

Musk has signaled he wants at least 25% voting control at Tesla.

🔗 Source: CNN

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