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Kimbal Musk, co-founder of The Kitchen Community, speaks at the Milken Institute’s annual global conference in Beverly Hills, California, United States, 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 earlier this month for around $ 25.6 million, according to a securities filing.
Young Musk is a board member of the pioneering electric car maker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities filings.
The sales come after a dramatic run for the shares of the company. The electric automaker’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 stagnated in recent weeks and are down slightly in the past month.
Kimbal Musk’s sales were just over $ 850 per share, according to securities filings. Tesla stock closed at just under $ 805 per share on Wednesday.
The sale represents around 5% of Musk’s stake in Tesla. He owned 600,000 shares of the company as of October, according to FactSet, making him the fifth insider shareholder in the company. He also sold a large amount of shares last September.
Musk, restaurateur, was previously a member of the board of directors of Chipotle Mexican Grill.
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