Musk buys $1B in Tesla stock as board pitches new compensation plan

Tesla’s stock price surged on Monday after it was disclosed that tech billionaire Elon Musk bought about $1 billion worth of shares in the automaker company Friday.

Musk’s massive Tesla stock purchase — his first in more than five years — was revealed in a regulatory filing Monday, as the electric vehicle maker he co-founded in 2003 mulls a decadelong pay package that could make him a trillionaire if he meets several aggressive targets. The pay package will be up for consideration at Tesla’s annual shareholder meeting in November.

Musk’s massive buy through a trust was seen as a sign of confidence in the company, with Tesla stock surging 5 percent in morning trading on Monday, according to The Associated Press.

Tesla faced blowback earlier this year as Musk took on a role in the Trump administration leading the White House’s Department of Government Efficiency. He stepped down from the role in May, while engaging in a public feud with President Trump.