Kimbal Musk, Elon Musk’s younger brother and a board member of Tesla Inc., sold $ 25.6 million shares in the electronic car, according to a filing with the U.S. Securities & Exchange Commission.
The 48-year-old sold 30,000 shares on Feb. 9 at an average price of $ 852.12, depending on the stock. Tesla shares fell 5.3% Wednesday to close at $ 804.82. Tesla rose 743% in 2020 and is up another 14% this year.
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The deal reduced its investment to 599,740 Tesla shares, amounting to $ 483 million. Tesla’s attackers hold a 19.6% stake in the company, according to data compiled by Bloomberg.
Kimbal Musk is the chief executive and co-founder of The Kitchen Restaurant Group.