Elon Musk puts his money where his mouth is, buys $1 billion of Tesla shares

Core Insights - Elon Musk has made a significant investment by purchasing approximately $1 billion worth of Tesla stock, marking his first open market purchase since February 2020 [2][3] - The acquisition of 2.57 million shares occurred on September 12, with prices ranging from $372.37 to $396.54 per share, representing Musk's largest insider stock purchase by value [3] - This purchase is perceived as a strong vote of confidence in Tesla, especially as the company faces challenges such as declining car sales and market share [3] Company Performance - Tesla's stock price increased by 3.07% to $416.22 following Musk's purchase, reaching its highest level since mid-January [4] - The timing of Musk's investment is critical as Tesla is currently dealing with a backlash against Musk's previous government role and its implications for the company [3] Management and Compensation - The Tesla board has proposed a $1 trillion compensation plan for Musk, contingent on achieving ambitious financial and operational targets, which would be the largest corporate pay package in history if approved [3] - Analysts view Musk's recent stock purchase as a signal that he is fully committed to Tesla's success, indicating a positive shift in the company's narrative after a challenging start to the year [4]