Elon Musk, CEO of Tesla. Reuters Yonhap News. 

Elon Musk, CEO of Tesla, revealed his confidence by posting a stock chart on X (formerly Twitter) after news of his Tesla stock purchase on the 15th (local time) led to a surge in the stock price.

About 40 minutes after the stock market opened, Musk posted an image of a chart on X showing Tesla's stock price increase over the past week, writing, "Tesla rose $69 (in a week) as predicted, reaching $420."

On the New York Stock Exchange, Tesla was trading at $419.52 as of noon Eastern Time, up 5.96% from the previous day's close.

News of Musk's Tesla stock purchase became known before the stock market opened on the morning of the 15th.

U.S. media outlets, including Bloomberg and CNBC, reported that Musk purchased $1 billion worth of Tesla stock on the 12th, based on regulatory filings released that day.

This marks Musk's first public purchase of Tesla stock in five years and seven months since he bought 200,000 shares (approximately $10 million) on February 14, 2020, and it is his largest purchase in terms of value to date, according to CNBC.

Dan Ives, global technology research head at Wedbush Securities and a prominent Tesla bull on Wall Street, commented on Musk's stock purchase, stating, "This is a massive signal of confidence for Tesla bulls and shows Musk is doubling down on Tesla's AI bet."

The market also interprets Musk's stock purchase as his response to Tesla's board of directors' astronomical CEO performance compensation plan.

The CEO compensation plan, which Tesla's board of directors plans to put to a vote at the annual shareholder meeting on November 6th, involves granting Musk Tesla stock worth a total of $1 trillion (approximately 1,390 trillion won) over 10 years through 12 stages by 2035.

For Musk to receive the full compensation, he must first achieve a Tesla market capitalization of $2 trillion in the initial stage and then progressively increase it to $8.5 trillion through subsequent stage-based targets.

As of the closing price on the 12th, Tesla's market capitalization was approximately $1.3 trillion.

Prior to this, Tesla's all-time highest closing stock price was $479.86 recorded on December 17th of last year, at which time its market capitalization was approximately $1.5404 trillion.

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