Washington: Tesla Inc. shares surged about 8 per cent in premarket trading on Monday after a regulatory filing revealed that CEO Elon Musk had bought nearly $1 billion worth of the company’s stock last week.
Musk acquired 2.57 million shares in open-market deals on Friday, paying between $372.37 and $396.54 per share, the filing showed.
The stock had already climbed more than 7 per cent on Friday, adding to gains from the previous session.
Despite being down roughly 2 per cent so far this year, Tesla is now on track for a third straight day of advances if the premarket momentum holds.
Investor sentiment toward the automaker has been weighed down by slowing demand for electric vehicles and Musk’s political engagements.
However, Tesla board chair Robyn Denholm pushed back against concerns, saying Musk is once again “front and center” at the company after several months focused on the White House.