- Tesla's share price jumped in premarket trading after Elon Musk bought a fresh load of shares.
- Musk bought $1 billion of the company's stock, an SEC filing released Monday shows.
- The stock was set to gain roughly 6% at market open.
Elon Musk is buying up Tesla shares as he looks to strengthen his control over the EV maker.
Tesla's share price rose more than 6% in premarket trading on Monday after CEO Musk disclosed the purchase of nearly $1 billion worth of the company's stock.
The billionaire bought around 2.57 million Tesla shares at prices ranging from around $372 to $396 on September 12, an SEC filing made public Monday showed.
The spending spree boosts Musk's stake in the electric vehicle giant, which he has run since 2008, by around 0.6%.
It comes after Tesla's board unveiled a new proposed CEO pay package earlier this month that could be worth as much as $1 trillion.
Musk, who holds a 13% stake in Tesla, has complained in the past about his level of control over the company. In January, he said he would not be comfortable expanding Tesla's AI efforts unless his stake grew to around 25%.
The new compensation plan, which is set to be voted on by investors at Tesla's shareholder meeting in November, provides Musk a route to that target.
Should the world's richest man achieve a series of ambitious goals, including boosting Tesla's market share to over $8 trillion and selling a million robots over the next decade, his control over voting rights would rise to between 25% and 29%.
Tesla's share price has now recovered from a historic dip at the start of the year, as investors expressed concern about the carmaker's stuttering sales and the public backlash against Musk's DOGE role.
The stock has seen a nearly 60% rise over the past six months, with Tesla finally launching its robotaxi service in Texas and ending lingering questions over Musk's future at the company with the 10-year pay package.
Tesla did not respond to a request for comment, sent outside normal working hours.
