Elon’s brother Kimbal Musk raises more than $ 7 million from Tesla’s stock trading

Kimbal Musk, Elon’s younger brother, made more than $ 7 million trading Tesla Inc. stock as he acquired stock through options and sold them the same day at an average price that was $ 600 higher than what he paid for them .

In a Form 4 filed with the Securities and Exchange Commission late Monday, Tesla disclosed that Kimbal, who sits on the electric vehicle manufacturer’s board of directors, had exercised options to purchase 12,000 common stock on April 1 at a price of $ 74.17 per share, for $ 890,040.00. . Elon has been Tesla’s CEO since October 2008.

On the same day, Tesla said Kimbal sold 12,000 shares in the open market at a weighted average price of $ 675,856, according to a MarketWatch calculation of the Form 4 data, to fetch $ 8,110,149.46.

Net Kimbal won $ 7,220,109.46.

The company said the stock sales were part of a Rule 10b5-1 trading plan that Kimbal adopted on May 19, 2020.

The stock TSLA,
-0.14%
Tuesday rose 0.1% to $ 691.41 during last afternoon trading, after a 4.4% rise on Monday. To date, the stock is down 2.0%, while the S&P 500 index SPX,
-0.13%
has won 8.6%.

Kimbal’s stock sales on April 1 took place through a series of transactions, at prices ranging from $ 660,113 to $ 691.35. On that day, the stock rose a whopping 3.7% to an intraday high of $ 692.42 shortly after opening, before reversing the price to drop a whopping 1.3% to an intraday low of $ 659 .42, before settling to close 0.9% at $ 661.75.

He still owned 599,740 Tesla common stock after the stock sales, which were valued at current prices at approximately $ 414.7 million. He also advantageously held options to purchase 197,250 shares.

FactSet, MarketWatch

Kimbal has been pretty good at picking short-term tops in Tesla’s stock in recent months. The last time he sold stock was on February 9, at a weighted average price of $ 852,117. The stock closed at $ 849.46 that day and has since closed below that level.

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Before that, Kimbal sold stock on September 1, which was the stock’s high for about 2 1/2 months.

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