A Carnival Corp board member has shown confidence in the reeling company's future, having boosted his stake tenfold.

Randall Weisenburger, a non-executive director of the cruise giant since 2009, spent $10m on buying 1.25m shares at $8.00 each, a regulatory filing said on Tuesday.

The move takes the investor's stake from 125,352 shares in New York-listed Carnival to 1.38m shares.

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Weisenburger, 61, has been the managing member of private equity firm Mile26 since October 2015.

By comparison, chairman Micky Arison owns 173m Carnival shares, which have fallen 80% since January as a result of the Covid-19 pandemic.

This is the second time this week that investors have spent millions on buying more Carnival shares.

Saudi Arabia's Public Investment Fund on Monday bought 43.5m shares for a $420m stake in the Miami-based cruise major with 104 ships.

Carnival's shares, which trade on the New York Stock Exchange as CCL, have gained 17% to $11.93 through late-morning trading on Tuesday.