Elon Musk revealed Monday that he purchased $1 billion worth of Tesla’s stock – a major show of confidence that sent shares of the electric car maker surging 7% in early trading.

The 54-year-old billionaire bought 2.57 million Tesla shares through a trust on Friday, according to a regulatory filing.

If Tesla’s stock gains hold, they will push the company back into positive territory for the year despite a recent sales slump that has crushed its earnings.

Musk hadn’t bought Tesla stock since 2020. REUTERS

Musk’s rare buy came on the heels of Tesla’s move to extend him an unprecedented $1 trillion compensation package over the next decade .

He owns about 20% of the company – a stake worth about $250 billion.

“He is a generational leader,” Tesla board chiar Robyn Denholm said of Mus

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