Kimbal Musk, younger brother of Tesla CEO Elon Musk sold $25.56 million in shares of Tesla (TSLA). Kimbal Musk, who serves as a board member for the company, sold his shares on the open market for more than $850 per share according to a filing. This is not the first time the younger Musk has sold stocks of the electric-vehicle maker. The last time he did so, he elected to buy the same amount at a lower price. At the time, many market analysts believed Musk’s sales were tied to a high for the stock that lasted for more than two and half months.
Musk seemed to time his transaction perfectly last week, selling 30,000 shares on February 9 for an average price of $852.117 before TSLA closed at $849.46 according to MarketWatch. The next day, the stock dropped 5.3% with an intraday high of just $844.82. For the rest of the week, Tesla shares remained well below where Musk sold his shares.
Following his trading activity, Musk still owned 599,740 Tesla common shares. His remaining stake in the company is worth nearly $486.8 million at the end of trading last week.
The younger Musk has primarily made his living through the restaurant business. Musk owns The Kitchen Restaurant Group, a family of community restaurant concepts. Musk is also the Co-Founder and Chairman of Square Roots, an urban farming company in Brooklyn, NY.
The sale follows a dramatic rise for Tesla in 2020. Near the end of last year, the EV company joined the S&P 500 index, and its stock price is up by more than 400% over the past 12 months. However, Tesla stock prices have stalled in recent weeks and fell slightly from last month.
In another SEC filing from last week, Tesla disclosed that Antonio Gracias, private-equity investor and longtime Tesla board member, also acquired a total of 150,747 shares at a weighted average price of $58.149 last week. The filings show that Gracies sold his shares on the same day as Musk.
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