Kimbal Musk, co-founder of The Kitchen Community, speaks on Tuesday, May 3, 2016 at the annual Milken Institute Global Conference in Beverly Hills, California, USA.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, brother of Tesla CEO Elon Musk, sold 30,000 shares of the company for about $ 25.6 million earlier this month, according to a security dossier.
The younger Musk is a member of the board of directors at the groundbreaking electric car manufacturer. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to the submission of securities.
The sale comes after a dramatic run for the company’s shares. The electric carmaker’s inventory has risen more than 400% over the past twelve months, while Tesla earned in the S&P 500 late last year. However, stocks have stalled over the past few weeks and have been slightly lower over the past month.
Kimbal Musk’s sales, according to the submission of securities, amounted to just over $ 850 per share. Tesla’s share closed at just under $ 805 a share on Wednesday.
The sale represents about 5% of Musk’s stake in Tesla. According to FactSet, he owned 600,000 shares of the company from October, making him the fifth largest insider shareholder in the company. He also sold a large amount of stock last year.
Musk, a restaurateur, was previously a board member for Chipotle Mexican Grill.