Elon Musk spent a billion to buy Tesla shares: the market immediately reacted with a surge - FT
Kyiv • UNN
Elon Musk spent about $1 billion to acquire Tesla shares, which led to a nearly 6% rise in the electric car manufacturer's securities. Investors reacted positively to this move, seeing it as Musk's faith in the future of the business.
Billionaire Elon Musk is investing in his own company Tesla's shares and has started buying them. It is known that last week Musk spent about $1 billion on buying shares. This step immediately affected the market: the electric car manufacturer's securities rose by almost 6%. This is reported by Financial Times, writes UNN.
Details
According to information obtained by Fanancial Times, Musk acquired about 2.57 million Tesla shares at a price of $371 to $396 per share. Investors immediately reacted to this: if the founder and head of the company buys his own shares, it means he believes in the future of the business even amid market fluctuations.
It is precisely because of this that Tesla shares have already added more than 12% in the past week alone, after the company's board of directors offered Musk a grandiose options package – up to $1 trillion, if he can meet extremely ambitious goals: from selling millions of electric vehicles to launching robots.
At the same time, Musk's figure remains controversial. In a recent interview, Pope Francis mentioned him as an example of wealth that, in the pontiff's opinion, can undermine the value of human life, family, and society.