Tesla Board Member Kimbal Musk Sells $25.6M Worth Of Shares

Tesla Inc TSLA  board member and Elon Musk’s younger brother Kimbal Musk sold shares worth $25.6 million on Tuesday, according to a filing with the United States Securities and Exchange Commission. 

What Happened: The chef-restaurateur sold 30,000 Tesla shares at an average price of $852.12. 

Musk still holds 599,740 shares of the automaker worth $482.62 million, based on Wednesday’s closing price of $804.82.

Why It Matters: Tesla insiders hold a 19.6% stake in the EV company, Bloomberg reported. 

The shares of the Palo Alto, California-based company have risen 14% so far this year and soared 743% in 2020.

Kimbal Musk also sold shares of Tesla last year in June and another 64,285 shares in 2019, as per previous filings. 

This week, known Tesla bear Gordon Johnson of GLJ Research criticized Tesla's $1.5 billion Bitcoin (BTC) investment claiming the company had "run out of viable internal uses" of its capital.

Price Action: Tesla shares closed nearly 5.2% at $804.82 on Wednesday and gained almost 0.6% in after-hours trading.

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Photo by Ivan Radic on Flickr