Tesla board member sells $108 million worth of his own stock in the company.
Kimbal Musk, a Tesla board member, sold $108 million worth of his own stock in the company, just days before his brother, Elon Musk started selling billions of dollars worth of Tesla shares.
The dollar value of his sale is lessened by his brother Elon’s sale of $5.7 billion worth of Tesla stock. But it represented a much larger percentage of his holdings in Tesla (TSLA), about 15% of Kimbal’s stake in the company. Elon’s stake has declined by only 3% so far through his sales through Thursday.
Although Elon Musk’s sales were the first time he sold any Tesla stock since 2016, Kimbal Musk has been selling his own shares on a regular basis. So have many other top executives and board members at the world’s most valuable automaker.
The company’s chairperson, Robyn Denholm, has been selling shares regularly since she got the job of overseeing the board in late 2018.
Tesla’s so-called Master of Coin, Zachary Kirkhorn, who used to have the more standard title of chief financial officer, has also been doing the same.
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