Elon Musk’s younger brother sells $25.6 million worth of Tesla shares

The younger brother of and a board member Kimbal Musk sold $25.6 million of shares in the electric carmaker.

According to a filing with the US Securities And Exchange Commission, the 48-year-old sold 30,000 shares on February 9, reports marketwatch.com.

Kimbal Musk’s sales came at just above $850 per share, according to securities filings.

The sales left the younger Musk with nearly 600,000 shares, a stake worth about $483 million at Wednesday’s closing price of $804.82.

On Wednesday, the stock TSLA, +0.85% dropped 5.3 per cent, with an intraday high of just $844.82. It rose 1 per cent in midday trading Thursday, but, at $812.41, it was still well below where Kimbal Musk sold his shares.

The last time Kimbal Musk sold shares of the electric-vehicle maker, he also exercised options to buy the same amount, just at a much lower price.

Kimbal Musk is the chief executive officer and co-founder of The Kitchen Restaurant Group.

The two brothers co-founded Zip2, which was later sold to Compaq, and Kimbal was an earlier investor in his brother’s company X.com, which was later sold to PayPal.

Earlier, another director Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities filings.

Meanwhile, has invested $1.5 billion in the cryptocurrency.

The announcement led to a surge in the price of one Bitcoin, which was hovering around $44,000,

Tesla said it will also “begin accepting as a form of payment for our products in the near future.”




(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link