Kimbal Musk, co-founder of The Kitchen Community, speaks during the annual Milken Institute Global Conference in Beverly Hills, California, USA, on Tuesday, May 3, 2016.
Patrick T. Fallon | Bloomberg | Getty Images
Kimbal Musk, brother of Tesla CEO Elon Musk, sold 30,000 shares of the electric car maker this month for about $ 25.6 million, according to a stock document.
The youngest Musk is a board member of the pioneer automaker. Another director, Antonio Gracias, sold more than 150,000 shares earlier this month, according to securities records.
Sales come after a dramatic run for Tesla, which joined the S&P 500 last year. Its stock price has risen more than 400% in the past 12 months, but has stagnated in recent weeks and fell slightly in the past month.
Kimbal Musk sales were just over $ 850 per share, according to securities records. Tesla shares closed at just under $ 805 per share on Wednesday.
The sale represents about 5% of the young Musk’s stake in Tesla. He owned 600,000 shares in October, according to FactSet, making him the fifth largest domestic shareholder. He also sold a lot of shares last September.
Musk, a restorer, was previously a board member at Chipotle Mexican Grill.