Elon Musk Increases Tesla Stake with $1 billion Share purchase
Austin, TX – Tesla CEO Elon Musk has bolstered his ownership in the electric vehicle giant, purchasing $1 billion worth of Tesla shares, according to recent reports. The move comes as a meaningful tax credit for EV buyers is set to expire and amidst ongoing debate surrounding Musk’s compensation package.
This considerable investment, adding 2.6 million shares to his portfolio, represents less than a 1% increase in his overall holdings but signals a renewed commitment to Tesla at a pivotal moment.Musk currently owns 413 million shares,equating to 12.8% of the company, valued at $1.3 trillion.Though, he has publicly stated his desire to control at least 25% of Tesla to more effectively guide the company’s advancements in artificial intelligence and robotics, possibly shifting future growth to XAI if that level of control isn’t achieved.
The purchase follows the approval of a new remuneration package for Musk, potentially awarding him shares worth up to $1 trillion contingent on achieving specific sales and market capitalization targets. The package’s approval triggered a 13% surge in Tesla’s stock price.
Adding complexity to the situation, a $7,500 tax credit for US electric vehicle buyers is scheduled to expire at the end of September, a factor analysts believe could impact Tesla’s sales figures for the remainder of the year.
Musk’s actions and policies continue to draw scrutiny, with critics focusing on his social media activity and vast wealth. Pope Leo XIV recently commented that Musk’s proposed remuneration exemplifies economic inequality and contributes to societal polarization.
