Kimbal Musk sells $25M in Tesla stock

Kimbal Musk Tesla stock
Kimbal Musk Tesla stock

Elon Musk’s brother Kimbal Musk cashed out greater than $25 million price of Tesla stock this week, data present.

The youthful Musk, who’s additionally a Tesla board member, offered 30,000 shares in the electric-car maker on Tuesday for a mean of $853.59 apiece, in line with a disclosure form filed Wednesday with the Securities and Exchange Commission.

The gross sales left Kimbal Musk with almost 600,000 Tesla shares, a stake price about $483 million at Wednesday’s closing value of $804.82.

Kimbal Musk, 48, dumped the shares a day after his billionaire brother’s company introduced it had bought $1.5 billion price of Bitcoin.

Shares of Tesla — the place Elon Musk serves as CEO — have surged greater than 65 % because the final time Kimbal Musk offered a part of his stake.

Kimbal offered about 36,000 Tesla shares in early September at a mean value of $485.94, raking in a complete of greater than $17 million, data present. The gross sales had been made beneath a so-called Rule 10b5-1 buying and selling plan, which permits company honchos to make predetermined stock transactions in compliance with insider buying and selling legal guidelines.

Kimbal Musk additionally exercised choices to purchase 20,375 Tesla shares at a steep low cost of $74.17 apiece on Sept. 3, in line with a securities filing. He subsequently gave 8,500 shares to charity in late October.

Kimbal Musk (right) sold his shares after Tesla announced it purchased $1.5 billion worth of Bitcoin.
Kimbal Musk (proper) offered his shares after Tesla introduced it bought $1.5 billion price of Bitcoin.
REUTERS/Jonathan Ernst

Kimbal is the co-founder of The Kitchen Restaurant Group, which has eateries in Chicago, Denver and Boulder, Colorado. He additionally sits on the board of SpaceX, Elon Musk’s rocket company, and beforehand served on the board of Chipotle Mexican Grill.