Kimbal Musk, co-founder of The Kitchen Community, speaks at the Milken Institute Annual Global Conference in Beverly Hills, California, USA, on Tuesday, May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, the brother of Tesla CEO Elon Musk, sold 30,000 shares of the company earlier this month for about $ 25.6 million, according to a securities record.
Young Musk is a member of the board of the pioneer electric car manufacturer. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities deposits.
Sales come after a dramatic run for the company’s shares. The stock of the electric vehicle manufacturer has increased by more than 400% in the last 12 months, Tesla gained inclusion in the S&P 500 at the end of last year. However, stocks have stalled in recent weeks and declined slightly in the last month.
Kimbal Musk’s sales were just over $ 850 a share, according to securities deposits. Tesla shares closed Wednesday at just under $ 805 a share.
The sale represents about 5% of Musk’s stake in Tesla. He owned 600,000 shares of the company as of October, according to FactSet, making him the company’s fifth largest preferred shareholder. It also sold a large amount of shares in September last year.
Musk, a restaurateur, was previously a board member of Chipotle Mexican Grill.