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Elon Musk’s brother sells R375m worth of Tesla shares

By IANS 29m in the past

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INTERNATIONAL – The youthful brother of Elon Musk and a Tesla board member Kimbal Musk offered $25.6 million (R375.91 million) of shares within the electrical carmaker.

According to a submitting with the US Securities And Exchange Commission, the 48-year-old offered 30,000 shares on February 9, experiences marketwatch.com.

Kimbal Musk’s gross sales got here at simply above $850 per share, based on securities filings.

The gross sales left the youthful Musk with practically 600,000 Tesla shares, a stake worth about $483 million at Wednesday’s closing worth of $804.82.

On Wednesday, the stock TSLA, +0.85 % dropped 5.3 per cent, with an intraday excessive of simply $844.82. It rose 1 per cent in noon buying and selling Thursday, however, at $812.41, it was nonetheless properly under the place Kimbal Musk offered his shares.

The final time Kimbal Musk offered shares of the electric-vehicle maker, he additionally exercised choices to purchase the identical quantity, simply at a a lot lower cost.

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

The two brothers co-founded Zip2, which was later offered to Compaq, and Kimbal was an earlier investor in his brother’s company X.com, which was later offered to PayPal.

Earlier, one other director Antonio Gracias, offered greater than 150,000 shares earlier this month, based on securities filings.

Meanwhile, Tesla has invested $1.5 billion within the Bitcoin cryptocurrency.

The announcement led to a surge within the worth of one Bitcoin, which was hovering round $44,000,

Tesla mentioned it should additionally “begin accepting bitcoin as a form of payment for our products in the near future.”

IANS



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