Elon Musk buys $1 billion worth of Tesla shares from open market

Tesla Inc Chief Executive Officer Elon Musk has purchased company’s shares worth $1 billion from the open market. He bought shares on Friday in multiple tranches and at different price points, according to a regulatory filing by the US electric car maker. It was his first purchase of the stock in the open market since February 2020 and Musk purchased around 2.57 million shares.

Tesla shares were hovering around $417.95 around 7:04 AM ET (4:30 pm India time) and they had closed Friday at $395.94 apiece.

Tesla shares have been in top action over a 1-year period, gaining by 75%.

The company has been in news earlier this month as it said that it would ask shareholders to approve a new pay package for Musk that could be worth up to $975 billion based on various ambitious milestones.

Moreover, a Class Action lawsuit has been filed against the company on behalf of investors who lost money as a result of alleged securities fraud between April 19, 2023 and June 22, 2025.Tesla is an American public company that designs, manufactures, and sells electric vehicles (EVs) and clean energy products like solar panels and battery storage. It was founded in 2003 and is named after inventor Nikola Tesla.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)