Elon Musk Increases Tesla Stake โwith $1 billion Share purchase
Austin,โข TX – Tesla โCEO Elon Musk has bolstered his ownership in the โขelectric vehicle giant, purchasing $1 billion worth โof Tesla shares, according to recent โคreports. The move comes as โa meaningful tax credit for EV buyers โis 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 holdingsโ but signals aโ renewed commitment to Tesla at aโ pivotal moment.Musk currently owns 413 million shares,equating to 12.8% of the company, valuedโ at $1.3 trillion.Though, โขhe has publicly stated his desire to control at least 25% of Tesla โto more effectively guide the company’s advancementsโข in artificial intelligence and โขrobotics, possibly shifting future growth to XAI if that levelโฃ of control isn’t achieved.
The purchase follows the approval of a โฃnew remuneration package for Musk,โข potentially awarding him shares worth โฃup to $1 trillion contingent onโ achieving specific sales and market capitalization targets. The package’s approval triggered a 13% surge in Tesla’s stock price.โค
Addingโฃ complexity to theโข situation, a $7,500 tax credit for US electric vehicle buyersโค is โscheduled to expire at the end of September, aโ factor analysts believe could impact Tesla’sโ sales figures for the remainder โof the year.
Musk’s actions andโ policies continue to draw scrutiny, with critics focusing on his socialโ media activityโ and vast wealth. Pope Leo โขXIVโ recently commentedโข that Musk’s proposed remuneration exemplifies โeconomic inequality and contributes to societal polarization.
