Why did Tesla's stock price soar in pre-market trading today?

Tesla shares soared 6.57% in pre-market trading to $421.97 after CEO Elon Musk bought $1 billion worth of stock — the largest acquisition he has made in the open market since February 2020. The move, seen as a strong vote of confidence, came before shareholders voted in November to decide on a potential $975 billion compensation package that is tied to ambitious growth targets, including a $8.5 trillion market cap target.