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Elon Musk’s brother Kimbal Musk cashed out more than $25 million worth of Tesla stock this week, records show.
The younger Musk, who’s also a Tesla board member, sold 30,000 shares in the electric-car maker on Tuesday for an average of $853.59 apiece, according to a disclosure form filed Wednesday with the Securities and Exchange Commission.
The sales left Kimbal Musk with nearly 600,000 Tesla shares, a stake worth about $483 million at Wednesday’s closing price of $804.82.
Kimbal Musk, 48, dumped the shares a day after his billionaire brother’s company announced it had purchased $1.5 billion worth of Bitcoin.
Shares of Tesla — where Elon Musk serves as CEO — have surged more than 65 percent since the last time Kimbal Musk sold part of his stake.
Kimbal sold about 36,000 Tesla shares in early September at an average price of $485.94, raking in a total of more than $17 million, records show. The sales were made under a so-called Rule 10b5-1 trading plan, which allows corporate honchos to make predetermined stock transactions in compliance with insider trading laws.
Kimbal Musk also exercised options to buy 20,375 Tesla shares at a steep discount of $74.17 apiece on Sept. 3, according to a securities filing. He subsequently gave 8,500 shares to charity in late October.
Kimbal is the co-founder of The Kitchen Restaurant Group, which has eateries in Chicago, Denver and Boulder, Colorado. He also sits on the board of SpaceX, Elon Musk’s rocket company, and previously served on the board of Chipotle Mexican Grill.
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