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Elon Musk has purchased a whopping $1 billion in Tesla stock after issuing his major debt warning.
The tech mogul has bought a huge amount of stock for the EV manufacturing firm he heads up, with Tesla shares jumping over 8% in trading following the news.
The world’s richest man announced that he was buying 2.57 million shares in the company last week, with each share costing between $372.37 to $396.54.
Musk has been vocal in recent years over wanting a bigger stake in the firm and better voting power when it comes to decision making.
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This comes after he issued a $37 trillion debt warning after making a shocking claim about Bitcoin.
This occurred during an interview at the All In Summit where Musk said: “At the end of the day, our national debt, which is insanely high … the interest payments exceed the Defence Department, I guess … sorry, War Department … budget and it’s rising, so if AI and robots don’t solve our national debt, we’re, we’re toast.”
The tech mogul also claimed that the government is ‘basically unfixable’.
Musk later took to his own social media platform X, formerly Twitter, to share a clip of the interview, adding the caption: “Toast”.
After his public fallout with President Donald Trump earlier this year, Musk left his position as the head of the Department of Government Efficiency.
And the Tesla boss shocked the public by announcing that his new America Party might be adopting Bitcoin. This sent the prices of the crypto coin higher.
Back in June, Musk issued a warning to people that Bitcoin could ‘take over’ the US dollar as the world’s reserve currency.
Brian Armstrong, who is the CEO and co-founder of Coinbase, wrote on X, saying: “f the electorate doesn't hold congress accountable to reducing the deficit, and start paying down the debt, Bitcoin is going to take over as reserve currency.
“I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control.”
Musk responded to the tweet with an American flag emoji.
In other news, Musk could face more setbacks as a key feature of Tesla could be set to face an industry-wide ban.
This comes after it was revealed by local reports that Chinese regulators are considering putting a ban in place against pop-out door handles.
This is something that might become a reality for the company as over a fifth of Tesla’s total revenue came from China in 2024.
