Elon Musk buys $1 billion worth of Tesla shares as he looks to gain more control over the EV maker

Elon Musk urged businesses to incorporate outside Delaware.Pool/Getty ImagesElon Musk bought $1 billion of Tesla stock last week, an SEC filing released Monday shows.The purchase boosts the world's richest man's stake in the EV maker by around 0.6%.Musk is in a long-standing fight to gain even greater control of Tesla, which he has run since 2008.Elon Musk is buying up Tesla shares as he looks to strengthen his control over the EV maker.An SEC filing made public Monday showed that Musk purchased nearly $1 billion worth of the company's stock last week.The billionaire bought around 2.57 million Tesla shares at prices ranging from around $372 to $396 on September 12, the SEC filing showed.The spending spree boosts Musk's stake in the electric vehicle giant, which he has run since 2008, by around 0.6%.It comes after Tesla's board unveiled a new proposed CEO pay package earlier this month that could be worth as much as $1 trillion.Musk, who holds a 13% stake in Tesla, has complained in the past about his level of control over the company. In January, he said he would not be comfortable expanding Tesla's AI efforts unless his stake grew to around 25%.The new compensation plan, which is set to be voted on by investors at Tesla's shareholder meeting in November, provides Musk a route to that target.Should the world's richest man achieve a series of ambitious goals, including boosting Tesla's market share to over $8 trillion and selling a million robots over the next decade, his control over voting rights would rise to between 25% and 29%.News of Musk's purchase pushed Tesla's stock sharply higher in premarket trading on Monday, with shares set to open 9% higher.Tesla's share price has now recovered from a historic dip at the start of the year, as investors expressed concern about the carmaker's stuttering sales and the public backlash against Musk's DOGE role.The stock has seen a nearly 60% rise over the past six months, with Tesla finally launching its robotaxi service in Texas and ending lingering questions over Musk's future at the company with the 10-year pay package. Tesla did not respond to a request for comment, sent outside normal working hours.Read the original article on Business Insider

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