Musk Buys $1B Worth of Tesla Stock to Boost Company’s Value

Tesla’s stock rose last week after Elon Musk bought more than 2.5 million shares, worth about $1 billion (€850 million), in his own company.

Tesla said in a filing that it will grant Musk shares worth up to 12% of the company in a dozen separate tranches if targets are met. (Photo: Tesla Asia X)

Shares of the electric vehicle maker jumped nearly 3.6% to $410.04, Doloresz Katanich reported for Euronews.

Musk purchased shares at various prices on Friday, according to a regulatory filing. The move may be viewed by markets as a signal of the billionaire’s confidence in Tesla’s future.

Earlier this month, the company released a proposed pay package for Musk that could make him the world’s first trillionaire if he meets a series of extremely aggressive performance targets over the next decade, the Associated Press (AP) also reported.

Tesla said in a filing that it will grant Musk shares worth up to 12% of the company in a dozen separate tranches if targets are met, including sharp increases in production, share price, and operating profit.

If approved by shareholders, the package would set a new benchmark for executive pay in the US. The potential payout, however, would be in shares — not cash — and the goals are considered extremely ambitious.