Mubasher: American electric vehicle and clean energy company Tesla Inc. is planning to raise $2 billion through a public share offering, Reuters reported on Thursday.

The company’s CEO Elon Musk will buy up to $10 million in shares, while board member Larry Ellison will purchase $1 million worth of shares.

The underwriters will have an option to buy up to $300 million in additional shares.

The offering’s proceeds are set to be used to strengthen Tesla’s balance sheet and serve general corporate purposes.

Goldman Sachs and Morgan Stanley are the lead joint book-running managers. Barclays, BofA Securities, Citigroup, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities are the additional book-running managers. Societe Generale is the acting co-manager.