SpaceX and Tesla CEO Elon Musk is taking part in the Viva Technology Conference held at the Porte de Versailles Exhibition Centre in Paris on June 16, 2023.
Gonzalo Fuentes | Reuters
Tesla The shares jumped after CEO Elon Musk disclosed on Monday its first purchase of shares in the open market since February 2020.
Musk purchased 2.57 million shares on Friday at various prices, a tally of up to $1 billion.
Tesla shares rose more than 3% on Monday to close at $410.04. Despite recent rallying, they saw a slight drop in Friday in 2025, with shares rising more than 25% over the past three months.
According to Verity data, these types of purchases are rare on Musk. According to Verity, it is the biggest purchase by his value.
The electric car maker said earlier this month it would ask shareholders to approve a new Musk salary package that could be worth up to $975 billion based on a variety of ambitious milestones. Before the purchase on Friday, the mask owned about 13% of Tesla.
This year’s Tesla stock fell, with the end of certain incentives for electric vehicles by the Trump administration, by destroying sales that were partially linked to political activities of masks that would damage the brand.
According to Tipranks.com, analysts are torn into stocks seeking a drop of around 20% from here at Wall Street’s consensus price target. Though many people are optimistic in the long term if masks can focus more on autonomous driving, artificial intelligence and robotics to separate the company from changing. The CEO hopes that shareholders will approve Tesla’s investment in Xai, the latest company.
The insider purchase “is a great sign of confidence for the Tesla Bulls, indicating that Musk is doubling his Tesla Eye bet,” said Dan Ives, global head of technical research at Wedbush.
Shareholders of the paid package will vote in November. At the end of Friday, the stock was worth $1.3 trillion.
