Tesla Inc.'s chief executive officer Elon Musk purchased about US$1 billion ($1.28 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 US$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.
