Tesla Surges After Musk Buys Billion Dollars Worth Of Stock

Tesla Inc CEO Elon Musk has bought about $1 billion worth of Tesla shares, sending the stock soaring in premarket trading.

According to a newly filed SEC document, Musk purchased 2.5 million shares through a series of trades valued at about $1 billion.

Tesla shares jumped as much as 7.3% in premarket trading. If the gains carry over into the regular trading session, the stock will return to positive territory for 2025, having recovered from a 45% decline as of early April.

The billion-dollar purchase comes as shares broke out of an ascending triangle on Friday and are now trading near record highs. As of Monday morning’s premarket trading, the stock was trading around the $428 level.

The purchase amounts to a show of confidence in Tesla’s prospects after a challenging first half of the year in which vehicle deliveries slumped 13% worldwide.

The Tesla Inc. Board recently proposed a new compensation agreement for Chief Executive Officer Elon Musk potentially worth around $1 trillion.

Musk is still the world’s richest person with a net worth of about $419 billion.

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