Tesla CEO Elon Musk on Monday disclosed the purchase of about $1 billion in shares of the electric-vehicle maker in a show of confidence about the company's future.

A regulatory filing disclosed that Musk bought 2.57 million shares of Tesla stock on Friday at a price between $372.37 and $396.54 per share.

Musk's purchase marks the first time since early 2020 that he bought Tesla stock on the open market and comes as the company is transitioning to emphasize artificial intelligence (AI), robotaxis and robotics amid a sluggish EV market.

It also comes as the billionaire is seeking greater control over Tesla and the company's board put forward a $1 trillion compensation package that aims to address his goals while setting ambitious financial and operational goals for Musk's payou

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