February 12, 2021: According to a securities filing, CEO of Tesla, Elon Musk’s brother Kimbal Musk, sold 30,000 shares of the company at the beginning of this month for roughly $25.6 million.
Kimbal Musk is the younger one, a member of the board of directors at the pioneering electric automaker.
Another director named Antonio Gracias sold more than 150,000 shares this month, according to securities filings.
The sales start after a dramatic run for the company’s shares. The automaker’s stock is up more than 400% in the last year, with Tesla earning inclusion in the S&P 500 last year.
Shares have, however, stalled in recent weeks and are slightly down in the past month.
According to the security filings, Kimbal Musk’s sales came at just above $850 per share. On Wednesday, Tesla’s stock closed at only under $805 per share.
The sale shows about 5% of Musk’s stake in Tesla. According to FactSet, he held 600,000 shares of the company in October, making him the fifth-largest insider stockholder at the company.
He sold a large amount of stock last September too.
Musk, a restaurateur, was a board member for Chipotle Mexican Grill previously.
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