Getty ImagesBillionaire Elon Musk has scooped up roughly $1bn (£735m) worth of Tesla shares, in what is being seen as a vote of confidence in the electric car maker.
Shares in Tesla, which have struggled to advance this year, jumped more than 6% in early trading on Monday on the news.
Musk already held a roughly 13% stake in the company, but he has long sought more control of the firm, which he has been pushing to invest in robotaxis, automation and artificial intelligence (AI).
The company’s board recently proposed a compensation plan valued at roughly $1 trillion, which would grant Musk up to 12% of the firm’s shares if the company reaches certain targets.
The board also said it would grant him $29bn worth of shares last month as a separate “interim” award, after a larger pay package agreed in 2018 was struck down in a court battle.
The proposals followed discussions with Musk, in which he demanded a 25% stake in the firm, at times…
