Tesla shares have jumped more than 8% after a regulatory filing showed that CEO Elon Musk had purchased nearly $1 billion worth of the electric-vehicle maker's stock.
The stock purchase reinforces Musk's push for greater control over Tesla, which is racing to meet its ambitious targets on robotaxis, artificial intelligence and robotics as it looks to pivot from an EV maker to a tech leader.
Musk holds a roughly 13% stake, according to LSEG data. Musk disclosed buying 2.57 million shares in open-market transactions, paying between $372.37 and $396.54 per share, according to the filing.
The purchase came the same month Tesla unveiled a proposed compensation package for Musk that could top $1 trillion if he delivers on his vision for stratospheric growth from new technologies.
Tesla chair and close Musk associate Robyn Denholm has made several business media appearances in recent days, defending the pay package.
Billion-dollar share plan
"He is a generational leader," Denholm said Friday on Bloomberg TV.
"There aren't any other people out there like Elon who can actually lead the company over the next decade or so."
The plan potentially provides Musk, already the world's wealthiest person, with up to 12 percent of additional total company shares.
To reach the full award, Tesla must reach a market capitalisation of "at least $8.5 trillion by 2035," according to a filing, which announced a shareholder vote on the proposal in November.
Tesla is currently challenging a Delaware court ruling that struck down a 2018 package for Musk worth about $55.8 billion.
Tesla's current market capitalisation is just over $1 trillion, down somewhat from its peak following recent weak earnings. Analysts have largely attributed these declines to Musk's embrace of far-right causes, which has sparked criticism.
Meanwhile, S&P 500 and the Nasdaq hit intraday record highs on Monday, setting a positive tone for a week dominated by the Federal Reserve's crucial policy meeting.
Sentiment was also boosted by news that the US and China have reached a framework deal over their TikTok dispute, which the US side said will be finalised by President Donald Trump and Chinese leader Xi Jinping on Friday.
