Sept. 15 (UPI) -- Tesla's share price surged by more than 8% in trading in New York on Monday after Elon Musk, the EV-maker's CEO, invested around $1 billion through a trust -- his first open market purchase of the stock in more than five years.
Traders and investors saw the purchase of the 2.57 million shares on Friday, his largest in the 20 years since he first took his first stake, as a sign of Musk's confidence in the firm he built into a global EV leader, helping the share price rally by more than $30 to $428.05 in the NASDAQ pre-market.
Musk paid between $372 and $396 per share. The last time he invested, in February 2020, he only paid around $50, buying 200,000 shares at a cost of $10 million.
The market performance caps off a strong quarter in which the stock has climbed by more than 25% after bottoming out at $293.94 on July 7.
Related
