By Larry Ellison

Copyright indiatimes

These kinds of purchases are rare for Musk with him last buying about 200,000 shares worth around $10 million on February 14, 2020

Tesla shares jumped after CEO Elon Musk disclosed Monday his first purchase of the stock in the open market since February 2020. Elon Musk bought $1 billion worth of Tesla shares on Friday, according to a regulatory filing he made early Monday.The purchase is a rare action as few business leaders using their own money to buy their company’s stock without exercising of options, reports CNN. Elon Musk purchased 2.57 million shares at different prices on Friday, totaling roughly $1 billion—a major insider buy that traders saw as a strong vote of confidence from the outspoken CEO.These kinds of purchases are rare for Musk with him last buying about 200,000 shares worth around $10 million on February 14, 2020, according to Verity data. It’s his largest purchase ever by value, according to Verity.ALSO READ: Charlie Kirk shooting mystery deepens as neighbour shares new testimony about Tyler Robinson and ‘trans boyfriend’Tesla investors saw Musk’s stock purchase as a strong vote of confidence in the company and a reaffirmation of his commitment to remain with Tesla. The announcement boosted Tesla’s (TSLA) shares by 7% in premarket trading.Live EventsThe purchases came as Tesla Chair Robyn Denholm spoke to reporters about the potential benefits of granting Musk over $1 trillion in stock, contingent on the company hitting a series of ambitious market value and performance targets. Elon Musk becomes world’s richest againThe boss of X (formerly Twitter), Tesla and SpaceX is known for being the world’s richest person. However, Musk’s ‘wealthiest man on earth’ was briefly eclipsed by Larry Ellison, Oracle co-founder but he is at the top again. An ally of President Donald Trump, Musk is known for using his platform to air his views on a vast array of topics, particularly politics.ALSO READ: Ricky Hatton’s cause of death revealed? Ex- world boxing champion’s final moments hours before his demise capturedIn the UK, he accused Prime Minister Sir Keir Starmer of being “deeply complicit” in grooming gang “mass rapes in exchange for votes” – while Sir Keir accused critics of “spreading lies and misinformation”.Meanwhile in Germany, Musk has endorsed the far-right Alternative für Deutschland (AfD), and urged Germans to back the party in forthcoming elections. His interest and foray into politics came at a cost to his businesses.Analysts attributed recent slumps in Tesla sales, at least in part, to customers turning against the car-maker’s boss. According to Bloomberg’s index, tracking the wealth of the world’s billionaires, Musk is the richest of them all.It estimates his current net worth to be around $384bn. That’s based largely on the value of his shares in Tesla, of which he owns more than 13%.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News ontsla stockElon Musk stock purchase$1 billion Tesla stock buyTesla shares increaseTesla investor confidenceelon musk tesla shareselon musk $1 billion stock buytsla stock elon muskelon musk purchases tesla stockelon musk tesla(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless