Elon Musk disclosed new purchases of Tesla shares, according to a regulatory filing released Monday, as its new ambitious compensation plan is scheduled to be voted on by shareholders in November.
The Form 4 filing with the Securities and Exchange Commission (SEC) shows Musk acquired 2.57 million shares of Tesla last Friday (Sept. 12) at prices ranging from about $371 to $396 per share.
The total transaction was valued at approximately $1 billion.
As of press time, Tesla shares are jumping 4.6% up at $414 during Monday’s pre-market session.
The stock had closed 7.3% higher on Friday at $396 after the company’s chair, Robyn Denholm, said Musk had returned to being “front and center at the company,” after winding down his role at DOGE last May.
The purchases add to his indirect ownership, which now totals roughly 413 million shares, the document shows.
The filing lists dozens of individual transactions, including purchases such as 22,537 shares at $371.90, 133,198 shares at $386.61, and 332,908 shares at $393.70.
In all, the new acquisitions boosted the trust’s holdings by more than 2.5 million shares, valued at just under $1 billion at the reported prices.
The move comes as Tesla shares have rallied sharply in recent weeks, with third quarter vehicle deliveries expected to grow year on year, partially due to the sales push amid the end of $7,500 EV tax credit.
According to the compensation plan set to be voted in the November shareholder meeting, Elon Musk needs to drive Tesla to a new phase of exponential growth in order to fully receive it.
The stock has risen by over 74% over the last 12 months.
Over the weekend, Tesla’s Giga Berlin chief André Thierig said the plant will step up output through the rest of the third quarter and into the final three months of the year, pointing to stronger demand as the driver.
Last week, Tesla China reported its best sales weekly figures of the third quarter with 14,300 units insured
