On Monday, Mr Musk bought around $10million (£7.71million), or 30,000, shares of Tesla on the open market.
The purchase was disclosed through filings made with the SEC.
According to the filings, the CEO is planning on buying an additional $20million (£15.41million).
It is believed the second purchase will close by next week.
The £15.41million purchase was disclosed in older filings on October 16 about getting court approval to settle a deal with an SEC fraud case brought against Mr Musk.
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The case involved Mr Musk tweeting that he had secured funding to take his company private despite the deal not yet being final.
The SEC argued his actions had misled investors.
Both Tesla and Mr Musk agreed to pay £15.41million each.
It is believed Mr Musk bought the £15.41million in Tesla stock as a way to reimburse the company’s losses from having to pay the fine.
Neither Tesla nor Mr Musk has said the purchase was meant to be a reimbursement.
The SEC deal also requires Mr Musk to step down as Tesla’s chairman.
The ruling said he could remain as the company’s CEO.
However, Tesla is now required to select a new independent board member to replace Mr Musk as chairman.
In addition to these two instances of Mr Musk buying his own company’s stock, he has also bought come in May and June of this year.
Mr Musk now owns around 20 percent of Tesla.