Tesla, owned by billionaire Elon Musk, has announced the largest stock sale program since the company’s listing on the stock exchange. The offer represents about 1% of the company’s value. Elon Musk owns about 20% of Tesla.

Tesla wants to sell shares of up to $ 5 billion. The amount represents the largest offer since the company’s listing on the New York Stock Exchange, according to TVR.

According to the international press, the company’s representatives announced that they will sell shares “from time to time” at market prices. The American electric car manufacturer has announced that the shares will be sold only on the basis of Tesla directives.

“We want to use the net income from this offer, if any, to consolidate our balance sheet, but also for general corporate purposes,” company representatives explained.

At the beginning of the week, Tesla’s share price was 500% higher than a year and a half ago. Also, in the last year, Tesla shares appreciated by 1,004%. This is while the S&P 500 index, of the largest American listed companies (by value), increased by only 20%.

The company’s market value reached $464.3 billion.