Tesla (TSLA) shares jump on news Elon Musk bought nearly $1 billion worth of the stock on Friday

The purchase amounted to around 2.57 million shares and marks Musk's most significant open market investment in years.

Before the weekend, Tesla CEO Elon Musk made a major investment into the company. An official disclosure stated that the billionaire purchased around $1 billion worth of shares in the company, which marks one of his largest investments in the open market since around 2020. The purchase amounted to about 2.57 million shares of the stock.

Musk’s purchase was disclosed in an official SEC filing on Friday, as reported by CNBC. The approximately 2.57 million shares were purchased at different prices, but the tally ultimately came out to about $1 billion USD. Seeing this as Musk’s confidence in the company, Tesla shares jumped in value, coming in at about 6 percent up when the market opened today.

This investment comes after it was just announced that Tesla will be asking shareholders to vote on a new pay package for Musk that will award him a greater salary, as well as additional stock in the company. Musk already held a 13 percent stake in Tesla before the $1 billion purchase on Friday, and if the pay package is voted in, Musk is likely to increase his ownership of the company substantially over the next few years.

As Elon Musk continues to bet big on autonomous driving and the rollout of Cybercab within Tesla, and the upcoming release of the company's Optimus Robot stay tuned to the Tesla topic for more news and updates on the company.