Tesla stock surges as Elon Musk buys $1 billion in shares

Core Insights - Elon Musk purchased $1 billion worth of Tesla shares, coinciding with the company's proposed decade-long, trillion-dollar pay package, which boosted the stock price by 7% in early trading [1][2] - The pay package could potentially grant Musk approximately 423 million Tesla shares, valued at about $143 billion, contingent on the company meeting ambitious performance targets [3] Company Performance - Tesla's stock has seen a recovery of 12% year-to-date, rebounding from a 45% decline earlier in April, despite a 13% drop in vehicle sales globally during the first half of the year [1][4] - The company is facing challenges as it prepares for the phase-out of U.S. electric-car purchase incentives, which Musk indicated could lead to "a few rough quarters" [4] Leadership and Governance - Tesla's Chair, Robyn Denholm, defended Musk's leadership and political activities, asserting that they have not negatively impacted the company [5][6] - There are concerns among shareholders regarding Musk's focus on political engagements and side projects, with calls for him to dedicate more time to Tesla [5]