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Tesla CEO Elon Musk has made a bold move, purchasing $1 billion worth of Tesla stock—approximately 2.57 million shares—in his first open-market buy since February 2020. The acquisition, disclosed in a regulatory filing on Monday, sent Tesla’s share price soaring 3.26% yesterday, erasing year-to-date losses and marking an 85% recovery from its April low. The finance card above details the stock’s performance, with a current price of $421.62.
The purchase comes as Tesla shareholders gear up for a November 6 vote on a proposed compensation package that could award Musk up to $1 trillion in stock, potentially making him the world’s first trillionaire.
The plan, tied to ambitious targets like boosting Tesla’s market cap to $8.5 trillion and deploying one million robotaxis, has sparked both excitement and controversy.
Tesla’s board chair, Robyn Denholm, defended the package, stating it aligns Musk’s focus with the company’s pivot to AI, robotics, and autonomous vehicles.
However, the massive pay plan drew sharp criticism from Pope Leo XIV, who, in a Sunday interview with Crux, pointed to Musk’s potential trillion-dollar payout as a stark symbol of growing wealth inequality. “What does that mean, and what’s that about? If that is the only thing that has value anymore, then we’re in big trouble,” the pontiff said, highlighting the 600-to-1 gap between CEO and worker pay.
Investors, undeterred, celebrated Musk’s purchase as a vote of confidence in Tesla’s future, particularly its push into robotaxis and AI. Analyst Dan Ives of Wedbush Securities called it “a huge signal” after a turbulent year marked by falling sales and Musk’s political controversies.
With Tesla’s stock now in positive territory for 2025, all eyes are on the upcoming shareholder vote that could redefine corporate compensation
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