With stock purchase, Elon Musk signals confidence in Tesla's self-driving tech

Core Insights - Elon Musk purchased approximately $1 billion worth of Tesla shares, marking his first open-market purchase since February 2020, which positively impacted Tesla's stock price [1][4] - The purchase indicates Musk's confidence in Tesla's future, particularly its robotaxi venture, as the company faces declining electric vehicle sales [2][5] - Musk's recent stock acquisition follows a defense of his pay package by Tesla's board chair, which could potentially award him nearly $1 trillion in stock based on performance milestones [3] Company Actions - Musk bought the shares through a revocable trust on September 12, 2023, after having sold over $20 billion in Tesla shares in 2022 [4] - Tesla's board awarded Musk $29 billion in shares as an interim measure during a compensation dispute [3] Market Context - Tesla's share of the U.S. electric vehicle market fell below 40% in August, with declining registrations in major European markets and reduced vehicle shipments from its Shanghai factory [5] - The company is banking on its robotaxi service, which launched in Austin in June, despite facing challenges in safety and effectiveness compared to competitors like Waymo [6]