Elon Musk has snapped up 2.57 million Tesla shares valued at roughly $1 billion, marking his first open-market purchase since February 2020.
The acquisition, made on September 12 through his revocable trust, was disclosed in a U.S. Securities and Exchange Commission (SEC) filing.
The move sent Tesla’s stock soaring 8.2% in pre-market trading on September 15, pushing shares to $428, erasing year-to-date losses, and adding nearly $100 billion to the company’s market capitalization.
Analysts say the purchase signals Musk’s confidence in Tesla’s future as the company pushes deeper into autonomy, robotics, and robotaxi projects. The timing also aligns with Tesla’s upcoming November shareholder vote on Musk’s proposed $1 trillion compensation package.
