Elon Musk bought $1 billion worth of Tesla shares on Friday, according to a regulatory filing he made early Monday.
The purchase represents a rare action – by Musk or any other CEO. Few business leaders using their own money to buy their company’s stock without exercising of options.
Tesla investors viewed Musk’s stock purchase as a vote of confidence in the company and a further commitment by Musk to stay at Tesla. The news lifted shares of Tesla (TSLA) 7% premarket.
This is a developing story. It will be updated.