Kimbal Musk, brother of Tesla CEO Elon Musk, sold 30,000 shares of the electric car maker this month for roughly $25.6 million, according to a securities filing.
The younger Musk is a member of the board at the pioneering automaker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities filings.
The sales come after a dramatic run for Tesla, which joined the S&P 500 late last year. Its stock price is up more than 400% in the past 12 months but has stalled in recent weeks and is down slightly over the past month.
Kimbal Musk’s sales came at just above $850 per share, according to securities filings. Tesla’s stock closed at just under $805 per share on Wednesday.
The sale represents about 5% of the younger Musk’s stake in Tesla. He held 600,000 shares as of October, according to FactSet, making him the fifth largest insider stockholder. He also sold a large amount of stock last September.
Musk, a restaurateur, was previously a board member for Chipotle Mexican Grill.
Source: Business - cnbc.com
