Elon Musk disclosed a purchase of more than 2.5 million Tesla shares worth about $1 billion in September 2025. The reported purchases took place on September 12, as Tesla’s board chair was discussing a proposed, milestone-based compensation award for Musk. The timing is documented; it does not establish that the pay proposal motivated the stock purchase.
What Musk bought and when
The Associated Press reported on September 15, 2025, that Musk disclosed buying more than 2.5 million Tesla shares for approximately $1 billion. According to the regulatory filing described by AP, he bought varying amounts at different prices on Friday, September 12. The Business Times reported that the shares were acquired indirectly through a revocable trust.
The disclosure landed amid public discussion of Tesla’s proposed 2025 CEO Performance Award. On September 12, Tesla chair Robyn Denholm discussed the proposal in an interview with Bloomberg Television. The Business Times quoted her saying: “What he does from a personal perspective, in terms of his political motivations, is up to him.” Her comment addressed Musk’s personal decisions; it does not explain the reason for this particular purchase. Associated Press; The Business Times.
Why did Musk buy Tesla stock?
The cited reporting establishes what he bought and when, but does not establish why. The purchase coincided with promotion of the proposed award, but that timing alone is not proof that Musk bought shares in response to it, endorsed the proposal, or intended to signal anything to investors. The available reporting does not provide a stated personal motive.
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What Tesla’s proposed 2025 pay award involved
The 2025 CEO Performance Award was a conditional equity incentive, not cash already paid to Musk. AP described 12 separate share-award packages and said they could amount to shares representing as much as 12% of Tesla if the targets were achieved. The full award’s potential value was estimated at around $1 trillion, but that figure described a possible value if conditions were met, not a payment Musk received when he bought the shares. Associated Press.
The package linked compensation to operational, financial and market-capitalization milestones. A shareholder solicitation filed by the New York City Comptroller and co-signatories on October 2, 2025, described 12 tranches and said the market-capitalization milestones began at $2 trillion, rising in $500 billion increments. That filing was an argument against the proposal, not a neutral finding about its merits. Shareholder solicitation filed with the SEC.
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Why some shareholders opposed the proposal
The New York City Comptroller and other signatories urged Tesla shareholders to vote against the 2025 award. They characterized its estimated value as $1 trillion and argued that the proposal raised concerns about board discretion, dilution and Musk’s increased voting power. Those are the coalition’s stated governance objections; they should not be treated as settled conclusions about the plan’s effects. Shareholder solicitation filed with the SEC.
The disagreement was over more than the headline estimate. Tesla’s board presented the award as a way to tie Musk’s compensation to demanding company milestones, while the opposing investors questioned whether the proposed oversight and potential equity consequences were acceptable. The award’s structure makes the distinction important: meeting targets could mean issuing shares, with possible consequences for existing shareholders, rather than paying a fixed cash salary.
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What happened to the awards afterward
As of October 8, 2026, Tesla’s quarterly report for the period ended March 31, 2026, says the Delaware Supreme Court reinstated Musk’s 2018 CEO Performance Award on December 19, 2025, and that the Chancery Court implemented that reversal on March 18, 2026. Tesla also says Musk exercised the 2018 award in full on April 21, 2026, triggering forfeiture of the 2025 CEO Interim Award. These later events concern the 2018 award and the interim award; they are distinct from the proposed 2025 CEO Performance Award discussed above. Tesla quarterly report for the quarter ended March 31, 2026.
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