Tesla shares jumped after CEO Elon Musk disclosed Monday his first purchase of the stock in the open market since February 2020.

Musk bought 2.57 million shares at various prices Friday which tallies up to about $1 billion, a significant insider acquisition that traders took as a vote of confidence from the outspoken CEO.

Tesla shares were higher by 6% in premarket trading Monday morning. They closed Friday slightly lower for 2025 despite a recent rally, with the stock up more than 25% over the last 3 months.

These kinds of purchases are rare for Musk with him last buying about 200,000 shares worth around $10 million on February 14, 2020, according to Verity data. It’s his largest purchase ever by value, according to Verity.

The company earlier this month said it would ask shareholders to approve a new pay package for Musk that could be worth up to $975 billion based on various ambitious milestones. Before the purchases Friday, Musk owned around 13% of Tesla.

Tesla shares this year have been weighed down by slumping sales partly tied to Musk’s political activities hurting the brand, along with the end of certain incentives for electric vehicles by the Trump administration.

Analysts are torn on the stock with the consensus price target on Wall Street calling for about a 20% decline from here, according to Tipranks.com. Though many are optimistic over the long term if Musk can pull off a transformation of the company to focus more on autonomous driving and robotics.

The pay package shareholders will vote on in November has an ultimate goalpost of a $8.5 trillion market value. The stock was worth $1.3 trillion at Friday’s close.

U.S. President Donald Trump said on Monday he would call a national emergency and federalize Washington, D.C. after Mayor Muriel Bowser said its police would not cooperate with Immigration and Customs Enforcement.

At issue is the provision of information on individuals living in, or entering, the United States illegally. Trump’s threat adds to a move critics have seen as federal overreach, with more than 2,000 troops patrolling the city.

The comments come after several thousand protesters hit the streets this month over Trump’s August deployment of National Guard troops to “re-establish law, order, and public safety,” after calling crime a blight on the capital.

“In just a few weeks. The “place” is absolutely booming… for the first time in decades, virtually NO CRIME,” Trump said on Truth Social.

Bowser’s office did not immediately respond to a request for comment on Trump’s post.

Earlier he had put the metropolitan police department under direct federal control and sent federal law enforcement, including members of the Immigration and Customs Enforcement, to police the streets. It is unclear when their mission will end.

Trump blamed “Radical Left Democrats” for pressuring Bowser to inform the government about the non-cooperation with ICE, adding that if the police halted cooperation with ICE, “Crime would come roaring back.”

He added, “To the people and businesses of Washington, D.C., DON’T WORRY, I AM WITH YOU, AND WON’T ALLOW THIS TO HAPPEN. I’ll call a National Emergency, and Federalize, if necessary!!!”

Bowser, who has previously praised Trump’s surge of federal law enforcement, bringing a sharp decline in crime, earlier signed an order for the city to coordinate with federal law enforcement.

The National Guard serves as a militia answering to the governors of the 50 states, except when called into federal service. The D.C. National Guard reports directly to the president.