Kimbal Musk, co-founder of The Kitchen Community, speaks during the Milken Institute’s annual global conference in Beverly Hills, California, the United States, on Tuesday May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, the brother of Elon Musk, CEO of Tesla, sold 30,000 shares in the company earlier this month for around $ 25.6 million.
The younger Musk is a member of the board of directors of the pioneering electric car maker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month.
The sale comes after a dramatic surge in the company’s shares. The electric car maker’s stock is up more than 400% in the past 12 months, and Tesla was added to the S&P 500 late last year. However, stocks have faltered over the past few weeks and have fallen slightly over the past month.
Kimbal Musk’s revenue was just over $ 850 per share, according to securities filings. Tesla’s stock closed at just under $ 805 per share on Wednesday.
The sale corresponds to approximately 5% of Musk’s stake in Tesla. According to FactSet, he held 600,000 shares in the company as of October, making it the company’s fifth-largest insider shareholder. He also sold a large amount of shares last September.
Musk, a restaurateur, was previously a board member at Chipotle Mexican Grill.