Tesla shares jump 8% after Musk's $1 bn stock buy
Shares of Tesla jumped nearly 8% in the early trade on Monday to hit ahigh of $425.69 on Nasdaq triggered by a $1 billion worth share purchase by company's Chief Executive Officer Elon Musk on Friday from the open market.
He had bought Tesla shares in multiple tranches and at different price points, according to a regulatory filing by the US electric car maker. It was his first purchase of the stock in the open market since February 2020 and Musk purchased around 2.57 million shares.
The price action in Tesla shares was accompanied with high volumes as nearly 36 million shares changed hands around 9:41 AM ET (7:10 pm India time).
Tesla shares have been in top action over a 1-year period, gaining by 75%.
The company has been in news earlier this month as it said that it would ask shareholders to approve a new pay package for Musk that could be worth up to $975 billion based on various ambitious milestones.
Moreover, a Class Action lawsuit has been filed against the company on behalf of investors who lost money as a result of alleged securities fraud between April 19, 2023 and June 22, 2025.
Tesla is an American public company that designs, manufactures, and sells electric vehicles (EVs) and clean energy products like solar panels and battery storage. It was founded in 2003 and is named after inventor Nikola Tesla.
Investor sentiment on the automaker has been dampened by faltering EV demand, as well as Musk's focus on politics.
On Friday, Reuters reported Tesla board chair Robyn Denholm dismissing concerns that Musk's political activity had hurt sales and said the billionaire was back "front and center" at the company after several months at the White House.
He had bought Tesla shares in multiple tranches and at different price points, according to a regulatory filing by the US electric car maker. It was his first purchase of the stock in the open market since February 2020 and Musk purchased around 2.57 million shares.
The price action in Tesla shares was accompanied with high volumes as nearly 36 million shares changed hands around 9:41 AM ET (7:10 pm India time).
Tesla shares have been in top action over a 1-year period, gaining by 75%.
The company has been in news earlier this month as it said that it would ask shareholders to approve a new pay package for Musk that could be worth up to $975 billion based on various ambitious milestones.
Moreover, a Class Action lawsuit has been filed against the company on behalf of investors who lost money as a result of alleged securities fraud between April 19, 2023 and June 22, 2025.
Tesla is an American public company that designs, manufactures, and sells electric vehicles (EVs) and clean energy products like solar panels and battery storage. It was founded in 2003 and is named after inventor Nikola Tesla.
Investor sentiment on the automaker has been dampened by faltering EV demand, as well as Musk's focus on politics.
On Friday, Reuters reported Tesla board chair Robyn Denholm dismissing concerns that Musk's political activity had hurt sales and said the billionaire was back "front and center" at the company after several months at the White House.
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