Elon Musk’s Brother Sells $25.6 Million in Tesla Shares

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Tesla’s (TSLA) shares have soared over 743% in 2020, and they’re already up about 14% for the current year.

According to a new filing with the Securities and Exchange Commission (SEC), Elon’s little brother Kimbal Musk sold $25.6 million (USD) in Tesla shares on Tuesday (via Bloomberg). The filing says Kimbal sold the shares at an average price of $852.12 (USD). Kimbal, 48, is just a year younger than his brother Elon, and sold a total of 30,000 shares in the sale, though he still retains the vast majority of his shares.

The sale leaves Kimbal with 599,740 remaining Tesla shares, worth a total of about $483 million (USD). Kimbal is the CEO of The Kitchen Restaurant Group and is the founder of Valor Equity Partners. Kimbal is also a member of Tesla’s board of directors, as well as the boards for SpaceX and Chipotle.

Similarly, Tesla Board member Antonio Gracias recently sold 150,747 shares, with a remaining direct holding of 2,545 shares. However, Gracias replaced these long positions with long-dated call options – known in the industry as Long-term Equity Anticipation Securities (LEAPs). Gracias bought 150,000 call options which are set to in either June 2022 or June 2025.

At the time of writing, Tesla’s shares are trading at $814.90 (+1.26%) with a market capitalization of $772.51 billion (USD).

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