Kimbal Musk, co-founder of The Kitchen Community, speaks during the Milken Institute’s annual conference in Beverly Hills, California, USA, on Tuesday, May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, brother of Tesla CEO Elon Musk, sold 30,000 shares of the electric car maker this month for about $ 25.6 million, according to a securities statement.
The youngest Musk is a board member of the pioneering automaker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities statements.
Sales come after a dramatic race for Tesla, which joined the S&P 500 late last year. Its stock price has risen more than 400% in the last twelve months, but has stagnated in recent weeks and fallen slightly over the past month.
Kimbal Musk’s sales topped $ 850 a share, according to stock statements. Shares of Tesla closed on Wednesday at just under $ 805 per share.
The sale represents approximately 5% of the young Musk’s stake in Tesla. It had 600,000 shares in October, according to FactSet, making it the fifth largest shareholder. It also sold a lot of shares last September.
Musk, a restaurateur, was previously a board member of Chipotle Mexican Grill.