Elon Musk’s younger brother, Kimbal, appears to have made more than $8 million on Tesla’s stock this week, as he exercised options to buy the stock, two days after he sold those shares at 6.5 times the price he paid for them.
Good timing for board member Kimbal, as the sale of share was made Tuesday, with some of the sales executed above Monday’s record closing price of $498.32.
The stock TSLA, -13.64% bounced sharply to close Friday up 2.8% at $418.32, reversing an earlier intraday loss of as much as 8.6%. The stock snapped a three-day losing streak, but has still tumbled 16.1% since Monday’s record close.
This week’s selloff comes after a 5-for-1 stock split went into effect on Monday, and as Tesla disclosed a $5 billion stock offering and a large shareholder reduced its stake. Full Story
