Tesla Inc. Chief Executive Officer Elon Musk purchased about $1 billion worth of the carmaker’s shares, according to a regulatory filing.
The billionaire bought the stock indirectly through a trust on Sept. 12, the filing shows. The purchases coincided with Tesla Chair Robyn Denholm speaking with Bloomberg News about the merits of a pay package for Musk that could be worth upwards of $1 trillion if the company achieves a series of ambitious milestones linked to market value and performance.
Tesla shares jumped as much as 7.3% before the start of regular trading, putting the stock on track to erase a year-to-date decline.