Tesla’s stock is soaring after CEO Elon Musk disclosed on Monday that he bought $1 billion worth of shares, signaling his commitment to the electric vehicle company.

Musk revealed his purchase of 2.57 million Tesla shares in a regulatory filing. The news caused Tesla’s stock to jump over 7% in premarket trading. After the market opened at 9:30 a.m. on Monday, the company’s shares were just below 7%.

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The tech billionaire last bought stock on the open market in February 2020, paying $10 million for over 13,000 shares.

His latest and largest Tesla stock purchase suggests he is

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