Tesla Stock Soars as Elon Musk Buys About $1B Worth of Shares

Core Insights - Elon Musk purchased approximately 2.57 million shares of Tesla, valued at around $1 billion, leading to an 8% surge in Tesla's stock during premarket trading [1][2][4] - The purchases were made in 25 separate transactions, with share prices ranging from about $372 to $396, closing at $395.94 on Friday [1][4] - This investment is interpreted as a strong commitment from Musk to Tesla, especially amid challenges such as declining demand for electric vehicles and criticism related to his political affiliations [2] Company Commitment - Musk's recent stock purchase is viewed as a significant sign of confidence for Tesla investors, reinforcing his commitment to the company's future, particularly in artificial intelligence [2] - A proposed long-term pay package for Musk could potentially reach up to $1 trillion, contingent on Tesla achieving specific milestones [2] Stock Performance - Tesla shares were down approximately 2% year-to-date prior to the recent surge following Musk's investment [3]