FX.co ★ Elon Musk amazes with massive purchases of Tesla shares

Elon Musk, the world’s richest person, has bought more than two million shares of Tesla through his Elon Musk Revocable Trust. The billionaire spent a considerable sum on this purchase: the Tesla shares were bought at prices ranging from $371 to $396 apiece.

Last week, Musk increased his shareholding, now owning 413 million shares. Immediately after the purchase, the stock price surged by 7.4%, and on September 15, market quotes rallied by another 6%.

Interestingly, the market situation for Tesla stock improved after the businessman stepped back from his political activities, which he had been deeply involved in during the first half of year of Donald Trump’s presidency.

In early August, Tesla’s board approved the granting of 96 million shares to the billionaire as compensation, which at the time was valued at $29 billion. Musk will receive this package if he remains as CEO or in an executive role for at least two more years.

Earlier in 2024, a Delaware court announced a reward for Musk, which had been approved by Tesla’s board of directors in 2018. According to Musk, he has promised to allocate an “inconceivable” amount of $56 billion for funding interplanetary travel. Currently, Tesla’s CEO is disputing the denial of this compensation. If successful, the new reward will be voided.