Shares of Tesla Inc. TSLA climbed over 6.57% during pre-market trading session on Monday after CEO Elon Musk purchased massive number of shares, according to a recent regulatory filing.
Musk’s Trust Buys Tesla Shares Worth $1 Billion
Musk, through the Elon Musk Revocable Trust, bought 2.57 million shares of Tesla on Friday, September 12. The shares were acquired at prices ranging from approximately $371 to $396 per share, as per a Form 4 filing with the Securities and Exchange Commission (SEC) released on Monday. This brings his indirect ownership to approximately 413 million shares.
The filing lists multiple transactions, such as 22,537 shares at $371.90, 133,198 shares at $386.61, and 332,908 shares at $393.70. These purchases have boosted the trust’s holdings by more than 2.5 million shares, worth nearly $1 billion at the reported prices, reported Electric Vehicles.
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Robotaxi Growth In Focus As Analysts Warn Of Temporary Surge
The recent surge in Tesla’s stock price follows a series of positive developments for the company. Wedbush’s Dan Ives predicted that Tesla’s AI and robotaxi business could be worth at least $1 trillion, marking a significant milestone in the company’s growth story.
Additionally, Gary Black identifies the proposed removal of safety monitors from Tesla’s Robotaxis, which would allow the company to scale up to thousands of vehicles, as the main catalyst for the company’s stock amid proposed regulatory ease.
However, Ross Gerber has warned that this surge in value may be temporary, as the EV giant’s sales figures surpass analyst estimates, predicting a potential downturn after a couple of weeks.
Benzinga’s Edge Rankings place Tesla in the 76th percentile for growth and the 88th percentile for momentum, reflecting its strong performance in both areas. Check the detailed report here.
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