Tesla Inc. (NASDAQ: TSLA) board member and CEO Elon Musk’s younger brother Kimbal Musk made more than $7 million from trading in Tesla stock this month.
What Happened: According to a filing with the U.S. Securities and Exchange Commission, Musk exercised options to buy 12,000 Tesla shares on April 1 at $74.17 per share, for a total of $890,040.00.
Musk then sold the shares on the same day in the open market in multiple transactions, at prices ranging from $660.113 to $691.35. He raised $8,110,149.46 from the stock sale, according to a calculation by MarketWatch. Musk netted $7.22 million through the stock trade.
According to the filing, the sales were part of a Rule 10b5-1 trading plan adopted by Musk on May 19, 2020.
Following the stock sale, Musk still owns 599,740 shares of Tesla stock worth $414.7 million, based on Tuesday’s closing price of $691.62. He also beneficially owned options to buy 197,250 shares.
See Also: Tesla Powerwall To Be Used In New York Virtual Power Plant
Why It Matters: Tesla’s stock rose as much as 3.7% on April 1 to touch an intraday high of $692.42, before falling about 1.3% to an intraday low of $659.42 to finally close 0.9% lower at $661.75.
Musk previously sold Tesla shares worth $25.6 million in February. Tesla insiders hold a 19.6% stake in the EV company, Bloomberg reported.
The shares of the Palo Alto, California-based company are down 2% so far this year.
Price Action: Tesla shares closed about 0.1% higher on Tuesday at $691.62 and further added 0.1% in the after-hours session.
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