MOSCOW (Sputnik) – Kimbal Musk, the younger brother of Elon Musk and a board member of Tesla Inc., sold 30,000 company shares, which is only a small fraction of what he owns, but still worth $25.6 million, according to the US Securities and Exchange Commission (SEC).
According to the filing on the SEC website, the transaction occurred on Tuesday, with each share selling for $853 on average.
Kimbal Musk still owns 599,740 of Tesla Inc. shares. Following the 5.3-percent decrease in the company’s capitalization as a result of the sale, the remaining portion of his shares is worth approximately $483 million. Each share now costs just over $804.
Tesla Motors was established in 2003. Headquartered in California’s Palo Alto, the company is most famous for its pioneer electric vehicles. Tesla also produces batteries and electric engines of its own technology, which it sells to other carmakers, such as Toyota and Daimler.