WASHINGTON (dpa-AFX) - Elon Musk, CEO of Tesla, Inc. (TSLA), has purchased more than 2.5 million shares in the company valued at $1 billion via a trust, according to a regulatory filing with the US Securities and Exchange Commission released on Monday.
This is Musk's first purchase of the stock from the open market since February 2000. This move comes ahead of the shareholder vote on the massive unprecedented new pay package of about $1 trillion in stock over the next decade. It will also signal Musk's commitment to the electric vehicle maker.
Earlier this month, the Board of Directors of Tesla had proposed an unprecedented compensation package of more than $1 trillion for its CEO Musk that will make him the first trillionaire.
The proposed 2025 CEO Performance Award uniquely challenges Musk to guide Tesla through a new phase of unprecedented growth by rewarding him only if he delivers once again on several milestones, including extraordinary financial returns for Tesla shareholders.
The Board's Special Committee designed the 2025 CEO Performance Award with the primary objective of incentivizing and retaining Musk at the helm to lead Tesla through its next phase of transformational growth.
Musk has competing priorities, as he oversees four other companies: SpaceX, xAI, Neuralink and the Boring Co. He is also involved in politics and has announced plans to form a third political party after recently falling out with US President Donald Trump.
The Tesla Board adopted and granted the 2025 CEO Performance Award, but it is subject to approval by shareholders or the termination or expiration of the waiting period under the HSR Act.
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