Tesla Stock Jumps Over 5% After Musk Buys $1B in Shares
Tesla shares climbed more than 5% on Monday after CEO Elon Musk revealed a nearly $1 billion open-market purchase of company stock.
Musk acquired 2.57 million Tesla shares on September 12, at prices ranging from $372.37 to $396.54 per share. This marks his first purchase of Tesla stock since 2020.
Following the move, Tesla’s share price pushed back toward the $420 level. This is the first time since January 2025 that the stock has reached this milestone, a number Musk has often referenced humorously with his followers. Musk even tweeted, “TSLA up $69 to ~$420 as foretold in the prophecy,” after the rally.
Analyst Jed Dorsheimer from William Blair said Musk’s purchase signals strong confidence. He emphasized that the move highlights optimism in Tesla’s robotaxi business.
He added that while there are ongoing concerns about margins following the loss of environmental tax credit revenue in the second half of the year, momentum from Musk’s stock buy, rising delivery expectations, and robotaxi progress are boosting market sentiment. Still, William Blair maintains a “Market Perform” rating on Tesla.
