Tesla shares surged 7.5% at the open on Monday, following disclosures that Chief Executive Elon Musk had acquired close to $1 billion in company stock. According to a regulatory filing, Musk purchased 2.57 million shares in open-market transactions on Friday at prices ranging from $372.37 to $396.54 per share.
The move affirms Musk’s desire to strengthen his influence over Tesla as the automaker intensifies efforts in robotaxi development, artificial intelligence, and robotics, signaling a strategic shift from pure electric vehicle manufacturing to a more technology-driven focus. Data from LSEG indicate that Musk’s holdings as of December accounted for about 13% of Tesla’s outstanding shares.
Musk has maintained calls for increased ownership and voting authority within Tesla. He has warned he may develop artificial intelligence and robotics initiatives outside the company if his voting power does not reach 25%.
Earlier this month, Tesla’s board proposed an unprecedented $1 trillion pay package for Musk—a demonstration of strong backing from the board—even as Tesla contends with growing competitive pressures and cooling demand in the electric vehicle market.
