Shares of Tesla Inc. climbed over 7% during pre-market trading on Monday. This increase is largely attributed to a recent purchase made by CEO Elon Musk, who bought a massive number of shares through his trust.
Musk’s Purchase
Musk’s trust acquired 2.57 million shares of Tesla on Friday, with prices ranging from $371 to $396 per share. This brings his indirect ownership to approximately 413 million shares, with the total value of the purchased shares worth nearly $1 billion.
The details of the purchase were disclosed in a regulatory filing, which listed multiple transactions, including:
- 22,537 shares at $371.90
- 133,198 shares at $386.61
- 332,908 shares at $393.70
These purchases have significantly boosted the trust’s holdings, indicating a strong vote of confidence in the company’s future prospects.
Focus on Robotaxi Growth
The recent surge in Tesla’s stock price follows a series of positive developments for the company. Analysts predict that Tesla’s AI and robotaxi business could be worth at least $1 trillion, marking a significant milestone in the company’s growth story.
Analyst Insights
- Dan Ives of Wedbush predicts that Tesla’s AI and robotaxi business will reach a value of at least $1 trillion.
- Gary Black identifies the proposed removal of safety monitors from Tesla’s Robotaxis as a key catalyst for the company’s stock, allowing the company to scale up to thousands of vehicles.
- Ross Gerber warns that the current surge in value may be temporary, predicting a potential downturn after a couple of weeks.
Company Performance
Tesla’s strong performance is reflected in its growth and momentum rankings. The company is placed in the 76th percentile for growth and the 88th percentile for momentum, indicating its robust position in both areas.
Key Takeaways
- Tesla’s stock price surged 7% in pre-market trading on Monday.
- CEO Elon Musk purchased 2.57 million shares through his trust, worth nearly $1 billion.
- Analysts predict significant growth in Tesla’s AI and robotaxi business, with potential values reaching $1 trillion.
- The company’s performance is reflected in its strong growth and momentum rankings.