Elon Musk has consistently demanded a larger stake and increased voting power at Tesla [File]
| Photo credit: Reuters
Tesla shares rose more than 8% in premarket trading on Monday after a regulatory filing showed that CEO Elon Musk had purchased nearly $1 billion worth of the electric vehicle maker’s stock.
The stock purchase reinforces Musk’s push for greater control over Tesla, which is racing to achieve its ambitious goals in robo-taxis, artificial intelligence and robotics as it looks to move from cashier to chief technology officer. Musk owned about 13% of the shares, according to LSEG data.
Musk disclosed Friday the purchase of 2.57 million shares on the open market, paying between $372.37 and $396.54 per share, according to the filing.
Tesla shares rose more than 7% on Friday, extending a significant gain from the previous session. The stock, which is down more than 2% this year, is on track to record a third straight session of gains if the pre-market moves are maintained.
Musk has consistently demanded a larger stake and increased voting rights in Tesla, also threatening to build AI and robotics products outside of Tesla if he cannot obtain 25% voting rights.
Earlier this month, Tesla’s board proposed a $1 trillion compensation plan for Musk in a huge vote of confidence in Musk’s leadership from the board, even as the company stumbles amid heated competition and faltering EV demand.
On Friday, chairman Robin Denholm dismissed concerns that Musk’s political activism had hurt sales and said the billionaire was back “front and center” at the company after several months in the White House.
Musk’s political activities and public clashes with US President Donald Trump had led to investor concerns about distraction and potential lost sales, weighing on the company’s shares this year.
Published – September 16, 2025 at 10:33 AM IST
