Kimbal Musk, Elon’s younger brother, earned more than $ 7 million by trading shares in Tesla Inc., as he acquired shares through options and sold them the same day at an average price of more than $ 600. he paid for them.
In a form filed with the Securities and Exchange Commission at the Securities and Exchange Commission last Monday, Tesla revealed that Kimbal, who serves on the electric vehicle manufacturer’s board of directors, exercised options to buy 12,000 common shares on April 1 at a price of $ 74.17 per share, for $ 890,040.00. . Elon is Tesla’s chief executive since October 2008.
On the same day, Tesla said Kimbal sold 12,000 shares on the open market at a weighted average price of $ 675,856, according to a MarketWatch calculation from Form 4 data, to raise $ 8,110,149.46.
Net, Kimbal pocketed $ 7,220,109.46.
The company said stock sales were part of a 10b5-1 standard trading plan adopted by Kimbal on May 19, 2020.
The stock TSLA,
rose 0.1% on Tuesday to $ 691.41 in the recent afternoon trading, after running 4.4% on Monday. So far, equities have fallen 2.0%, while the S&P 500 SPX index,
has gained 8.6%.
Kimbal’s stock sales on April 1 were made through a series of transactions, ranging in price from $ 660.113 to $ 691.35. On that day, shares rose 3.7% to an intraday high of $ 692.42 shortly after opening, before reversing course to fall to 1.3% to a intraday low of $ 659.42, before ending with the close of 0.9% to $ 661.75.
It still owned 599,740 ordinary Tesla shares after stock sales, which at current prices were valued at about $ 414.7 million. He also owned beneficial options to buy 197,250 shares.
FactSet, MarketWatch
Kimbal has been pretty good at picking up the short-term highs of Tesla stocks in recent months. The last time he sold shares was on Feb. 9, with a weighted average price of $ 852,117. Shares closed that day at $ 849.46 and have since closed below that level.
Do not miss it: Elon Musk’s brother Kimbal has just sold some Tesla shares. Are you calling a top?
Prior to that, Kimbal sold shares on September 1, and this marked the peak of the shares for about 2 and a half months.