Elon Musk’s younger brother Kimbal appears to have earned more than $8 million in Tesla’s stock this week, exercising the option to sell that stock for 6.5 times the price he paid and buy the stock in two days.
Good timing Director Kimbal, As the stock sale took place on Tuesday, some of the sale ran above Monday’s all-time high of $498.32.
It rebounded sharply and closed at $418.32, up 2.8% on Friday, bringing back an intraday loss of 8.6%. The stock was losing for the third consecutive day, but it’s still down 16.1% since Monday’s record closed.
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This week’s sale occurs after a five-to-one stock split goes into effect on Monday, after Tesla unveils a $5 billion share offering and the majority shareholders cut their stakes.
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On September 1st, Kimbal Musk sold 36,375 shares at a weighted average price of about $482.59, according to marketwatch data calculations. Submitting Form 4 to the Securities and Exchange Commission Submitted late Thursday. This file showed several deals with prices ranging from about $471.33 to about $502.01.
After closing at $498.32 on Monday, the stock price hit an all-time high of $502.49 in the first minute of Tuesday’s trading and fell to a daily low of $470.51 around 10am EST, then hit $502.28 around 10:30am. $475.05, down 4.7%.
Then, on September 3rd, according to the filing, Kimbal Musk acquired 20,375 Tesla shares at a price of $74.17 as part of a trading plan adopted on February 20, 2020.
Buying two days later for the 20,375 shares he sold on September 1st, he made $8.3 million in trading. If he buys back the extra 16,000 shares he has sold at the current price, he will be able to earn about $1.45 million in the deal.
Meanwhile, according to FactSet, the volume weighted average price (VWAP) of Tesla shares on September 3 was $412.46. Had Kimbal Musk sold the stock on the day it took over, Kathleen Wilson-Thompson did it on Monday, and as Automotive Jerome Guillen president did on Tuesday, he would have made about $6.8 million in the deal. It’s $1.43 million less than what he did.
Kimbal Musk, co-founder of The Kitchen, has been on Tesla’s board of directors since April 2004. He is a member of the Board’s Compensation, Corporate Governance and Disclosure Control Committee. His 2019 Rewards as a Tesla Board Member It was $20,000 in the form of a cash fee.
After trading this week, Kimbal Musk still owns 638,240 Tesla shares and is worth about $267.99 million at the closing price on Friday.
Despite the decline, the stock price is still up 400.0% so far this year compared to the S&P 500’s SPX.
Another insider made more than $6 million by trading Tesla stock.
Tesla also unveiled Jerome Gillen’s deal at the end of Thursday, earning about $6.4 million.
ㅏ Submit Form 4 Guillen showed it had acquired 15,000 shares for $51.64 on September 1st as part of the trading plan adopted on February 20th. On the same day, he sold 15,000 shares for a weighted average price of about $479.00. The sale took place in a series of deals with prices between $471.33 and $502.01. That’s the price in the same range as Kimbal Musk’s sales were run.
Guillen joined Tesla in November 2010. Since September 2018, he has been the president of the automotive sector.
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