AsianFin -- Tesla Inc. shares climbed after CEO Elon Musk disclosed the purchase of 2.57 million Tesla shares, signaling renewed confidence in the electric vehicle maker.

The transactions, filed with the U.S. Securities and Exchange Commission, reflect Musk’s personal investment in the company at a time when Tesla stock has faced volatility.

Investors often view insider buying as a positive indicator, suggesting that executives are confident in the company’s future prospects. Tesla shares rose in pre-market trading following the disclosure, underscoring market optimism around Musk’s continued commitment.