By MICHELLE CHAPMAN, Associated Press Business Writer

Tesla’s stock is climbing before the market open Monday as CEO Elon Musk disclosed the purchase of more than 2.5 million shares worth approximately $1 billion.

Shares of the electric vehicle maker rose more than 7% in premarket trading.

Musk purchased various amounts of shares at different prices on Friday, according to a regulatory filing. The move may be viewed by the markets as the billionaire remaining confident in the company’s future.

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