- Elon Musk purchased nearly $1 billion worth of Tesla stock, acquiring over 2.5 million shares, which led to an over eight per cent jump in the company's pre-market trading.
- This move demonstrates Musk's commitment to Tesla ahead of a crucial November shareholder vote on a proposed compensation plan that could award him up to $1 trillion in stock.
- Musk's stake in the electric vehicle maker is now approximately 20 per cent, valued at around $250 billion, as he seeks greater control and increased voting power.
- The purchase follows a turbulent period for Tesla, marked by public backlash over Musk's political involvement and significant drops in company profits, though the board chair dismissed concerns about sales impact.
- Musk has previously threatened to develop AI and robotics outside of Tesla if he does not achieve 25 per cent voting power, as the company aims to transition into a broader tech leader.
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