Musk boosts Tesla stake with $1 billion purchase
Elon Musk, CEO of Tesla, has purchased nearly $1 billion worth of the electric-vehicle maker’s stock, according to a regulatory filing, Kazinform News Agency reports.
The move strengthens Musk’s influence over the company as it pivots from car manufacturing toward technologies such as robotaxis, artificial intelligence, and robotics.
Tesla shares jumped more than 8% in premarket trading on Monday following the disclosure. As of December, Musk held about a 13% stake, according to LSEG data. The latest filing showed he acquired 2.57 million shares in open-market transactions on Friday, paying between $372.37 and $396.54 per share.
The stock gained more than 7% on Friday, extending strong gains from the previous session, though it remains down about 2% since the beginning of the year.
On Friday, board chair Robyn Denholm dismissed concerns over Musk’s political activity affecting sales, stressing he is now “front and center” at Tesla after months focused on the White House.
Earlier, it was reported that the world’s first Tesla Diner & Drive-In in Hollywood had officially opened. The retro-themed restaurant drew crowds eager to be among the first to experience Musk’s latest innovation.
