Elon Musk has bought $1 billion worth of Tesla shares in his first open-market purchase since 2020, underscoring his commitment to the carmaker as it prepares for a shareholder vote on a record-breaking compensation package. Regulatory filings show Musk acquired 2.6 million shares through a revocable trust at prices ranging from $372 to $396, lifting his stake in Tesla above 13 per cent. The purchase sparked a rally of almost 10 per cent in early trading, before shares closed up 3.6 per cent at $410.26. Tesla stock has gained 18 per cent in the past five days and is nearing its all-time high of $480, reached at the end of last year. Musk’s share buy marks his first personal investment in Tesla stock since a modest $10 million purchase on Valentine’s Day in 2020.