Elon Musk’s younger brother Kimbal sells $25.6 million Tesla shares

Kimbal Musk, the younger brother of Elon Musk and a Tesla Inc. board member, sold $25.6 million of shares in the electric carmaker, according to a filing with the U.S. Securities & Exchange Commission.

The 48-year-old sold 30,000 shares on Feb. 9 at an average price of $852.12, according to the filing. Tesla shares dropped 5.3% Wednesday to close at $804.82. Tesla soared 743% in 2020 and is up a further 14% this year.

Also Read | Inside the Mindtree makeover strategy

The transaction reduced his holding to 599,740 Tesla shares, which amounts to $483 million. Tesla insiders hold a 19.6% stake in the company, according to data compiled by Bloomberg.

Kimbal Musk is chief executive officer and co-founder of The Kitchen Restaurant Group.