Tesla shares surged Monday after Elon Musk disclosed his first open-market purchase of the stock since February 2020, according to CNBC. Musk bought 2.57 million shares on Friday at various prices, totaling about $1 billion, making it his largest-ever purchase by value. The move sent Tesla up 8% in premarket trading after closing Friday slightly lower for the year despite a 25% three-month rally. Musk last bought 200,000 shares worth around $10 million in 2020 and owned about 13% of Tesla before the purchase. His purchases come as Tesla prepares for a November shareholder vote on a pay package potentially worth up to $975 billion if ambitious milestones are met. Wall Street consensus sees Tesla shares falling about 20% from current levels, though analysts remain divided. Some are optimistic long term if Musk succeeds in shifting the company toward AI, robotics, and autonomous driving.

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