Musk’s $1 Billion Tesla Stock Buy Sends Shares Up for 2025 (1)

Elon Muskresponded to an unprecedented pay proposal from Tesla Inc.’s board by buying about $1 billion worth of shares, sending the carmaker’s stock soaring into positive territory for the year.

The billionaire bought the shares indirectly through a revocable trust on Sept. 12, according to a regulatory filingreleased Monday. The purchase coincided with Tesla Chair Robyn Denholm speaking with reporters about the merits of awarding Musk around $1 trillion worth of stock if the company achieves a series of ambitious market value and performance milestones.

Tesla’s shares jumped 6.4% at 11:44 a.m. in ...