Ilon Musk, through his Elon Musk Revocable Trust, purchased more than 2 million shares of Tesla last Friday at prices ranging from $371 to $396 per security, according to documents sent to the Securities and Exchange Commission (SEC).
The total purchase price was about $1bn.
Musk now owns 413 million Tesla shares.
Tesla shares are up 6% during the previous session on Monday. Last Friday, quotes jumped by 7.4% after the company’s Chairman of the Board of Directors Robin Denholm rejected the suggestion that Musk’s political activity had a negative impact on sales of electric cars.
Earlier, Tesla’s board of directors offered Musk a compensation package that includes a $1 trillion reward over 10 years. It provides for staggered payments in the form of company shares if the company reaches certain milestones in terms of both capitalisation and operating performance. The maximum payout is envisaged if the company achieves a capitalisation of $8.5 trillion by 2035 and increases its adjusted EBITDA to $400 billion. A shareholder meeting to consider this and other issues is scheduled for November 6.