Sunday, December 5, 2021

Elon Musk’s brother sold $ 109 million worth of Tesla shares ahead of poll

Kimbal Musk sold Tesla shares the day before his brother, CEO Elon Musk, began his infamous Twitter poll.

Kimbal, a Tesla board member, sold 88,500 Tesla shares on November 5, according to a statement made that day after the market closed. The filing said it sold the stake at an average price of $ 1,229.91 a share through JPMorgan. This amounts to about $ 109 million. The shares sold were about 15% of Kimbal, excluding options.

Elon Musk offered to sell 10% of his Tesla shares on Twitter on Saturday, saying he will “stick to the results of this poll, however it may be.” His legion of followers decided that the richest man in the world should sell a stake worth about $ 21 billion. Tesla shares plummeted after the poll, hitting a five-month high.

Tesla shares fell nearly 12% on Tuesday, their worst two-day record since March, after Insider reported that Michael Berry tweeted that Elon Musk might want to sell the stock to cover personal debt.

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Kimbal, 49, attended a culinary school and has established himself as a Brooklyn entrepreneur striving for sustainable development. According to the Bloomberg Billionaire Index, he has approximately $ 950 million in assets, although Tesla’s latest power of attorney shows that he had 599,740 shares – equal to his entire capital at the time – pledged as collateral for personal loans.

The cowboy hat restaurateur chef is the CEO of the Kitchen Restaurant Group and co-founder of Square Roots Urban Growers, an urban farming community that grows crops like arugula indoors, including old shipping containers. He has been a member of Tesla’s board of directors since April 2004 and is also the director of his brother’s Space Exploration Technologies, known as SpaceX.

Tesla did not immediately respond to a request for comment.

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