Tesla Stock Surges as Elon Musk Buys $1 Billion in Shares Following Board’s ‘Trillion-Dollar’ Pay Plan
Tesla Stock Surges as Elon Musk Buys $1 Billion in Shares Following Board’s ‘Trillion-Dollar’ Pay Plan
Tesla Inc.’s stock experienced a significant uplift, moving into positive territory for the year, after CEO Elon Musk disclosed the purchase of approximately $1 billion worth of the company’s shares. This substantial investment comes in direct response to an unprecedented pay proposal from Tesla’s board of directors.
According to a regulatory filing released Monday, Musk acquired the shares indirectly through a revocable trust on September 12. The timing of this purchase aligns with Tesla Chair Robyn Denholm’s recent discussions with reporters regarding a contentious plan to award Musk up to $1 trillion in stock, contingent on the automaker achieving a series of ambitious market capitalization and performance milestones.
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