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.
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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