Kimbal Musk, co-founder of The Kitchen Group, speaks throughout the annual Milken Institute International Convention in Beverly Hills, California,
Kimbal Musk, co-founder of The Kitchen Group, speaks throughout the annual Milken Institute International Convention in Beverly Hills, California, U.S., on Tuesday, Might 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Photos
Kimbal Musk, brother of Tesla CEO Elon Musk, bought 30,000 shares of the electrical automobile maker this month for roughly $25.6 million, based on a securities submitting.
The youthful Musk is a member of the board on the pioneering automaker. One other director, Antonio Gracias, bought greater than 150,000 shares earlier this month, based on securities filings.
The gross sales come after a dramatic run for Tesla, which joined the S&P 500 late final 12 months. Its inventory value is up greater than 400% prior to now 12 months however has stalled in current weeks and is down barely over the previous month.
Kimbal Musk’s gross sales got here at simply above $850 per share, based on securities filings. Tesla’s inventory closed at just below $805 per share on Wednesday.
The sale represents about 5% of the youthful Musk’s stake in Tesla. He held 600,000 shares as of October, based on FactSet, making him the fifth largest insider stockholder. He additionally bought a considerable amount of inventory final September.
Musk, a restaurateur, was beforehand a board member for Chipotle Mexican Grill.