Elon Musk's brother sold Tesla shares worth $25.6 million after an upward streak in the electric-car maker's stock
Michael Loccisano/Getty Images
- Kimbal Musk, a Tesla board member, sold $25.6 million shares in the electric-car maker this week.
- Elon Musk’s younger brother still holds nearly 600,000 shares in the company, worth about $483 million.
- Board member Antonio Gracias also sold 150,747 Tesla shares, but replaced them with call options.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Kimbal Musk, billionaire Elon Musk’s younger brother, sold Tesla shares worth $25.6 million shares on Tuesday, according to filings registered with the Securities and Exchange Commission.
He sold 30,000 directly owned shares at an average price of $853 per share, the filings showed. The 48-year-old, who is a Tesla board member and restaurateur, still holds 599,740 shares in the company, worth roughly $483 million.
Tesla’s shares rose 743% in 2020 and are up about 14% so far in 2021.
Read More: BANK OF AMERICA: Buy these 7 online-retail stocks that are ‘structural winners’ set to build on strong 2020 gains – including one with 41% upside
Separately, Tesla audit committee member Antonio Gracias sold 150,747 shares in the electric-car maker at an average price of $845.36 on Tuesday, according to another filing. But Gracias replaced these positions by purchasing 150,747 call options that expire in June 2022 and 2025, with exercise prices of $52.38 and $68.56. Gracias, a board member who also serves as the chairman and CEO of Valor Equity Partners, owns 1.3 million shares in Tesla via the AJG Growth Fund, the filing showed.
Tesla executives and insiders hold about a 19.6% stake in the company, according to Bloomberg.
Read More: BlackRock says investors haven’t fully priced in the structural changes brought about by the pandemic – and pinpoints 2 areas of the market that can still run for years
Source: Read Full Article