Kimbal Musk, co-founder of The Kitchen Community, speaks at the annual Milken Institute Global Conference in Beverly Hills, California, USA, on Tuesday, May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, brother of Tesla CEO Elon Musk, sold 30,000 shares of the company for approximately $ 25.6 million earlier this month, according to a securities filing.
The younger Musk serves on the board of directors of the pioneering electric car maker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, filings show.
The sales come after a dramatic run for the company’s stock. The electric carmaker’s stock has risen more than 400% in the past 12 months, with Tesla being included in the S&P 500 late last year. However, stocks have stalled in recent weeks and have fallen slightly in the last month.
Kimbal Musk’s sales came in at just over $ 850 a share, according to filings. Tesla’s stock closed at just under $ 805 a share on Wednesday.
The sale represents approximately 5% of Musk’s stake in Tesla. According to FactSet, he owned 600,000 shares of the company in October, making him the company’s fifth largest insider shareholder. He also sold a large amount of stock last September.
Musk, a restaurateur, was previously a board member of Chipotle Mexican Grill.