Kimbal Musk, Elon’s younger brother, made more than $ 7 million trading shares of Tesla Inc., as he acquired shares through options and sold them on the same day at an average price of $ 600 more than he paid for them. .
In a Form 4 filing with the Securities and Exchange Commission Monday night, Tesla revealed that Kimbal, who is on the electric vehicle maker’s board of directors, exercised options to buy 12,000 common shares on April 1 at a price of 74.17 dollars per share, for 890,040.00 dollars. . Elon has been the CEO of Tesla since October 2008.
On the same day, Tesla said that Kimbal sold 12,000 shares on the open market at a weighted average price of $ 675.856, based on a MarketWatch calculation of Form 4 data, to raise $ 8,110,149.46.
Net, Kimbal pocketed $ 7,220,109.46.
The company said the stock sales were part of a Rule 10b5-1 business plan adopted by Kimbal on May 19, 2020.
The TSLA share,
It rose 0.1% Tuesday to $ 691.41 in late afternoon trading, after rising 4.4% on Monday. So far this year, the stock has fallen 2.0% while the S&P 500 SPX index,
it has gained 8.6%.
Kimbal’s share sales on April 1 were made through a series of exchanges, at prices ranging from $ 660,113 to $ 691.35. That day, the stock rose as much as 3.7% to an intraday high of $ 692.42 shortly after the open, before reversing course to fall as much as 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 shares after the sale of the shares, which at current prices were valued at about $ 414.7 million. He also benefited from options to buy 197,250 shares.
Kimbal has been pretty good at picking short-term highs on Tesla stocks in recent months. The last time it sold shares was on February 9, at a weighted average price of $ 852,117. The stock closed that day at $ 849.46 and has since closed below that level.
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Before that, Kimbal sold shares on September 1, and that marked the high of the stock for about two and a half months.