A Billion-Dollar Vote of Confidence
On Friday, September 12, Musk acquired 2.57 million Tesla shares, worth over $1 billion, through his Elon Musk Revocable Trust. The move came just weeks after Tesla granted him a massive $30 billion stock package in August as part of a temporary pay deal designed to keep him as CEO.
At first glance, buying shares on top of such a huge compensation plan may seem unnecessary. Especially since a new, even larger package is under discussion—potentially granting Musk 423 million shares over the next decade if Tesla achieves extremely ambitious milestones, including:
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reaching a $2 trillion and eventually an $8.5 trillion market cap,
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delivering 20 million cars,
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producing 1 million Optimus humanoid robots,
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and deploying 1 million robotaxis.
Shareholders are expected to vote on this package in November.
Stock Rally and Wealth Rankings
Musk’s latest purchase had an immediate impact on Tesla’s stock price. Shares jumped 7.36% on Friday, closing at $395.94, and gained another 8% in premarket trading on Monday, rising above $428.
The surge helped Musk regain his position as the world’s richest person, after briefly falling behind Oracle co-founder Larry Ellison the week before. According to the Bloomberg Billionaires Index, Musk’s net worth is now estimated at $419 billion, compared with Ellison’s $349 billion following a drop in Oracle’s share price.
Rare but Symbolic Move
This is Musk’s largest personal Tesla stock purchase in history by value, and it stands out because he rarely buys shares on the open market. The last time he did so was in February 2020, when he acquired 200,000 shares worth around $10 million. In contrast, he sold more than $20 billion worth of Tesla stock in 2022 to finance his takeover of Twitter (now X).
By putting his own money into Tesla at a pivotal moment, Musk is sending a strong message of confidence—to shareholders, markets, and competitors alike.
A Strategic Power Play
Beyond the numbers, Musk’s purchase is also about reputation and influence. Losing the “richest person” title, even briefly, to Ellison may have added an extra layer of motivation. By fueling Tesla’s rally, Musk not only increased his fortune but also strengthened the narrative that he remains the central figure driving Tesla’s growth story.
As markets await the shareholder vote in November, one thing is clear: Musk isn’t just betting on Tesla with company stock packages—he’s willing to stake billions of his personal fortune on its future as well.
