Tesla has signed an equity distribution agreement that is expected to earn up to $5 billion.

Tesla announced today in form 8-K filings with the Securities and Exchange Commission that it has signed stock distribution agreements with several investment banks to sell up to $5 billion in stock. These investment banks include Goldman Sachs, Bank of America Securities, Barclays Capital, Citi Global Finance Limited, Deutsche Bank Securities, Morgan Stanley, Credit Suisse Securities (USA) Limited, SG America Securities, Wells Fargo Securities and BNP Paribas Securities.

Tesla has signed an equity distribution agreement that is expected to earn up to $5 billion.

As a sales agent, the investment banks will sell $5 billion worth of Tesla common stock from time to time at market prices. Tesla’s move comes at a time when the company’s stock is at a new high.

After Friday’s close, Tesla officially split its stock on a 1:5 scale. Shares after the split began trading yesterday and continued to rise after the opening. As of Monday local time, Tesla’s shares were up 12.57 percent at $498.32, pushing the company’s market value to $464.339 billion, making it the seventh-largest U.S. company by market capitalisation.

Meanwhile, Tesla CEO Elon Musk is worth more than Facebook co-founder Mark Zuckerberg, making him the world’s third-richest man, just behind Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates.

In response, Joseph Spak, an analyst at RBC Capital, a bullish on Tesla’s stock, said today that Tesla has become one of the most important stocks in the U.S. stock market, but he also believes that Tesla’s stock is still fundamentally overvalued.

Of the 36 analysts surveyed by FactSet, a US financial research firm, only 19 per cent are bullish on Tesla shares, 31 per cent are bearish and 50 per cent are neutral.