Elon Musk bought $1 billion of his own company’s stock on Friday, a regulatory filing revealed early Monday.

Tesla’s chief executive bought the stock after the company’s board proposed paying him nearly $1 trillion if he achieves certain performance goals.

Tesla shares jumped 6 per cent in early trading on Monday after CEO Elon Musk disclosed his purchase of about $1 billion worth of the electric vehicle-maker's stock, in the latest vote of confidence from the billionaire in the company's future. The stock purchase - Musk's first open-market buy since earl

Tesla's stock is climbing Monday as CEO Elon Musk disclosed the purchase of more than 2.5 million shares worth approximately $1 billion.

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.

Tesla shares jumped 6% in early trading on Monday after CEO Elon Musk disclosed his purchase of about $1 billion worth of the electric vehicle-maker's stock, in the latest vote of confidence from the billionaire in the company's future. The stock purchase - Musk's first open-market buy since early 2020 - comes at a critical time for Tesla, as it races to hit its ambitious goals of transforming into an AI and robotics powerhouse while grappling with slowing car sales. The move also reinforces Musk's push for greater control over Tesla, and comes just over a week after the company's board proposed a $1 trillion compensation plan for Musk, addressing Musk's demands and setting out lofty financial and operational targets.

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