Tesla shares jumped 6% in early trading on Monday after CEO Elon Musk disclosed his purchase of about $1 billion worth of the electric vehicle-maker's stock, in the latest vote of confidence from the billionaire in the company's future.

The stock purchase - Musk's first open-market buy since early 2020 - comes at a critical time for Tesla, as it races to hit its ambitious goals of transforming into an AI and robotics powerhouse while grappling with slowing car sales.

The move also reinforces Musk's push for greater control over Tesla, and comes just over a week after the company's board proposed a $1 trillion compensation plan for Musk, addressing Musk's demands and setting out lofty financial and operational targets.

Musk had purchased 2.57 million shares on Friday, paying between $372.37 and $396.54 per share, according to a regulatory filing on Monday.

The move is "the clearest signal yet that (Musk is) slamming the accelerator on being all in again ... the Tesla-Musk narrative looks firmly back on track after a shaky start to the year," said Matt Britzman, senior equity analyst at Hargreaves Lansdown.