Elons brother Kimbal Musk pockets more than $7 million from Tesla stock trades – MarketWatch
Kimbal Musk, Elon’s younger brother, made more than $7 million trading Tesla Inc.’s stock, as he acquired shares through options and sold them the same day at an average price that was $600 higher than what he paid for them.
On the same day, Tesla said Kimbal sold 12,000 shares in the open market at a weighted average price of $675.856, according to a MarketWatch calculation of the 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 trading plan adopted by Kimbal back on May 19, 2020.
The stock TSLA, +0.08% inched up 0.1% on Tuesday to $691.41 in recent afternoon trading, after running up 4.4% on Monday. Year to date, the stock has slipped 2.0% while the S&P 500 index SPX, -0.10% has gained 8.6%.
Kimbal’s on April 1 stock sales were made through a series of trades, at prices ranging from $660.113 to $691.35. On that day, the stock rallied as much as 3.7% to an intraday high of $692.42 soon after the open, before reversing course to fall as much as 1.3% to an intraday low of $659.42, before settling to close down 0.9% at $661.75.
He still owned 599,740 common shares of Tesla after the stock sales, which at current prices were valued at about $414.7 million. He also beneficially owned options to buy 197,250 shares.
Kimbal has been pretty good at picking near-term tops in Tesla’s stock in recent months. The last time he sold shares was on Feb. 9, at a weighted average price of $852.117. The stock closed that day at $849.46, and has closed below that level ever since.