Home Business Elon Musk’s brother Kimbal sells $25 million worth of Tesla shares

Elon Musk’s brother Kimbal sells $25 million worth of Tesla shares

Elon Musk's brother Kimbal sells $25 million worth of Tesla shares

Kimbal Musk, co-founder of The Kitchen Community, speaks during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., 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 electric car maker this month for roughly $25.6 million, according to a securities filing.

The younger Musk is a member of the board at the pioneering automaker. 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 Tesla, which joined the S&P 500 late last year. Its stock price is up more than 400% in the past 12 months but has stalled in recent weeks and is down slightly over the past month.

Kimbal Musk’s sales came at just above $850 per share, according to securities filings. Tesla’s stock closed at just under $805 per share on Wednesday.

The sale represents about 5% of the younger Musk’s stake in Tesla. He held 600,000 shares as of October, according to FactSet, making him the fifth largest insider stockholder. He also sold a large amount of stock last September.

Musk, a restaurateur, was previously a board member for Chipotle Mexican Grill.

This article is auto-generated by Algorithm Source: www.cnbc.com

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