Some insiders at Tesla Inc. had a few busy days this week, including an investor who is close to chief executive Elon Musk and again showing good timing in his dealings.
This is Elon Musk’s brother, Kimbal Musk, a Tesla TSLA,
board member and businessman, who sold $ 25.56 million in shares on the open market this week with all trades made above $ 850, according to a document.
The last time Kimbal Musk sold shares in the electric vehicle maker, he also exercised call options in the same amount, but at a much lower price. At the time, sales of Kimbal Musk seemed to mark a peak in inventory for more than 2 ½ months.
FactSet, MarketWatch
Kimbal Musk’s timing was also good this week. He sold his 30,000 shares on February 9 in a series of trades at a weighted average price of $ 852,117, according to a SEC MarketWatch analysis of data. The stock opened that day at $ 855.12 and traded in an intraday range from $ 859.80 to $ 841.75, before closing at $ 849.46.
On Wednesday, the TSLA stock,
fell 5.3%, with an intraday high of just $ 844.82. It rose 1% on Thursday’s midday trading session, but at $ 812.41, it was still well below where Kimbal Musk sold its shares.
Here are Kimbal Musk’s business:
• Sold: 7,971 shares at $ 850,277 (weighted average)
• Sold: 11,409 shares at $ 851,452
• Sold: 1,983 shares at $ 852,243
• Sold: 3,482 shares at $ 853,767
• Sold 3,415 shares at $ 854,805
• Sold: 1,140 shares at $ 855,927
• Sold: 600 shares at $ 856,676
FactSet, MarketWatch
After the sale, Kimbal Musk still owned 599,740 Tesla common shares, or about 0.06% of the outstanding shares. Its remaining stake is worth about $ 487.2 million in shares at current prices.
Tesla shares have risen 95% in the past three months, while the S&P 500 SPX index,
gained 9.6%.
Vanguard increases participation to become the second largest shareholder
While Kimbal sold, the Vanguard Group revealed that it owned 57.81 million shares, or 6.1% of the outstanding shares, according to a SEC filing on Wednesday.
This now makes Vanguard the second largest shareholder, after Elon Musk with around 18% and ahead of Capital Research & Management Co. with 5.5%, according to FactSet.
This means that Vanguard recently bought about 14.53 million Tesla shares, as the fund manager had previously disclosed that it owned 43.28 million shares, or 4.4% of the outstanding shares, on September 30 . The prices paid for the shares were not disclosed.
Board member Antonio Gracias makes a lot of money by trading Tesla shares
In another SEC filing on Wednesday, Tesla disclosed that private equity investor Antonio Gracias, a former Tesla board member and close to Elon Musk, acquired a total of 150,747 shares at a weighted average price earlier this week. $ 58.149 through the exercise of derivative securities.
On February 9, the same day that Kimbal Musk sold his shares, the suit shows that Gracias sold 150,747 shares in a series of deals. He did not do as well as Kimbal Musk, however, as he sold his shares at a weighted average price of $ 846,591.
Still, Gracias won $ 118.86 million from the negotiations.
Here are Gracias’ businesses:
• Acquired: 97,000 shares at $ 52.38
• Acquired: 53,747 shares at $ 68.56
• Sold: 1,930 shares at $ 842,596 (weighted average)
• Sold: 13,256 shares at $ 843.51
• Sold: 22,036 shares at $ 844,372
• Sold: 22,122 shares at $ 845,364
• Sold: 19,320 shares at $ 846,381
• Sold: 19,039 shares at $ 847.36
• Sold: 34,023 shares at $ 848,404
• Sold: 18,588 shares at $ 849.32
• Sold: 433 shares at $ 850,346
After the deal, Gracias owned 2,545 Tesla common shares.
–Steve Goldstein contributed to this report.