Elon Musk’s Younger Brother, Kimbal Sells $25.6m Of Tesla Shares

Kimbal Musk, the younger brother of Elon Musk and a Tesla Inc. board member, sold $25.6 million of shares in the electric carmaker, according to a filing with the U.S. Securities & Exchange Commission.

The restaurateur sold 30,000 shares on Tuesday at an average price of $852.12, according to the filing. Tesla shares dropped 5.3 percent Wednesday to close at $804.82. Tesla soared 743 percent in 2020 and is up a further 14 percent this year.
Kimbal Musk also sold shares of Tesla last year in June and another 64,285 shares in 2019, as per previous filings. 
The transaction reduced his holding to 599,740 Tesla shares, which amounts to $483 million. Tesla insiders have been reported to hold a 19.6 percent stake in the company.

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Another board member Antonio Gracias meanwhile sold 150,747 Tesla shares, leaving him with a direct holding of 2,545. However, he replaced these with new long positions via long-dated call options, also known as Long-term Equity Anticipation Securities, better known as LEAPs.

Kimbal Musk is the Chief Executive Officer and co-founder of The Kitchen Restaurant Group. Gracias is the founder and head of Valor Equity Partners.