That's its second such move in just three months.

The electric car pioneer is cashing in on a stela rise in its share price this year.

Tesla's stock is up about 670% since January.

On Monday, it touched a fresh record high, pushing the firm's market value above $600 billion.

That cement its position as the world's most valuable automaker, even though it makes far fewer cars than rivals like Volkswagen and Toyota.

10 major banks, including Goldman Sachs and Morgan Stanley, will conduct the new sale.

Tesler didn't give any time frame for its completion, but it may add to Elon Musk's fast growing riches.

This year's stock rally has seen his net worth soar from $27 billion to 155 billion.

That makes him the world's second richest person.

Some market watchers, though, think that Tesla's stock is a bubble and warn against adding it to the benchmark S and P 500 index.