Elon Musk is responding to the unprecedented pay package proposal from Tesla’s board of directors by increasing his stake in the company. Musk bought $1 billion in Tesla stock through an irrevocable trust on September 12th, according to a regulatory filing released Monday. Tesla shares were trading up over 5 percent on the news, pushing the company’s value into positive territory for the year.

It was Musk’s first open-market purchase of Tesla stock in over five years, according to Bloomberg. He offloaded more than $20 billion of the company’s shares in 2022, which was the year he acquired Twitter. Other Tesla executives have similarly sold off some of their shares this year, including several board members.

The purchase comes more than a week after Tesla’s board proposed a pay package th

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