Tesla’s stock price jumped more than six percent after a major move from its chief executive. CEO Elon Musk has purchased $1 billion worth of shares in his own electric car company.
The investment is being seen as a powerful display of confidence in the automaker. It comes at a time when the company has faced challenges, including a global drop in car sales over the past year. Even the market for second-hand Teslas has become less popular.
This is a significant move for the CEO. The last time Musk bought company stock was in February 2020, as reported by Bloomberg. The billion-dollar purchase also follows news that Musk has recently reclaimed his title as the world’s richest person.
