"Elon Musk, the Tesla CEO, has purchased nearly $1bn worth of the electric-vehicle maker's stock, a regulatory filing showed, reinforcing Musk's push for greater control over Tesla. Tesla shares jumped more than 8% in premarket trading on Monday following the news. Tesla is racing to meet its ambitious targets on robotaxis, artificial intelligence and robotics as it looks to pivot from an EV maker to a tech leader."
"Musk has consistently demanded a bigger stake and increased voting power at Tesla, having also threatened to build AI and robotics products outside of Tesla if he cannot get 25% voting power. Earlier this month, Tesla's board proposed a trillion-dollar compensation plan for Musk, in a huge vote of confidence for Musk's leadership from the board, even as the company stumbles amid heated competition and flailing EV demand."
Elon Musk purchased approximately 2.57 million Tesla shares, spending nearly $1 billion at prices between $372.37 and $396.54 per share. His stake stood at roughly 13% as of December. The purchases spurred more than 8% premarket gains and extended recent share rallies. Musk continues to seek greater stake and voting power, threatening to develop AI and robotics products outside Tesla if he cannot secure 25% voting control. Tesla is pursuing ambitious targets in robotaxis, artificial intelligence and robotics to pivot toward a technology company. The board proposed a trillion-dollar compensation plan and defended Musk amid concerns over political activity and sales impact.
Read at www.theguardian.com
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