Kimbal Musk, co-founder of The Kitchen Community, speaks through the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, brother of Tesla CEO Elon Musk, bought 30,000 shares of the electrical automotive 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. Another 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 yr. Its inventory worth is up greater than 400% previously 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 slightly 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 big quantity of inventory final September.
Musk, a restaurateur, was beforehand a board member for Chipotle Mexican Grill.