Elon Musk’s Brother Sells $8 Million Worth of Tesla Shares in a Single Day

- Advertisement -
- Advertisement -

Tesla’s share prices have been skyrocketing over the last two years. The company has entered into India recently and has setup its first office in Bangalore

Kimbal Musk, Elon Musk’s brother, has sold Tesla Stocks worth $8 million in a single day. A filing with the United States’ Securities and Exchange Commission reveals that he sold 12,000 stocks of Tesla on first of April 2021. These 12,000 shares also represent Kimbal’s two per cent stake in the company.

The filings reveal that the shares were sold as part of a trading plan that was agreed upon during May 2020. Scheduled sales have been gaining popularity during the last few years. These scheduled sales allow insiders to realize returns on their investments without scaring investors into thinking that the shares are getting overvalued or bad news is coming.

- Advertisement -

Kimbal also exercised his stock options the same day by buying 12,000 Tesla shares at a price of $77 each. This option also offset his sales. Kimbal paid $890,000 to buy 12,000 shares of Tesla on the same day. He, in an interaction with Bloomberg, had recently said that future of Tesla was very bright. Pointing towards the energy sector, Kimbal, had noted that the same would be a part of Tesla’s sucess.

Tesla’s share prices have been skyrocketing over the last two years. The company’s shares, in 2020, rose by almost 600 per cent. Tesla’s shares were being traded at prices of $590 per share in March 2021, after reaching their highest price of $883 earlier. These shares are now being traded at $690 per share. The compan delivered a record-breaking number of 184,800 Teslas during the first quarter of 2021.

The company has recently entered India and registered its Indian entity in the name of Tesla India Motors And Energy Private Limited in Bengaluru Karnataka. Vaibhav Taneja, Venkat­rangam Sreeram, and David Jon Feinstein have been appointed as the the three directors of the new company. Tesla will be opening a electric vehicle manufacturing plant in Karnataka. Elon Musk, in December 2020, had tweeted and confirmed about Tesla’s plans for foraying into the country.

Transport Minister of India, in an interaction with the Reuters, had said that the government of India will ensure that the production cost for Tesla is lower than that of China if the electric cars giant manufactures electric vehicles in India. India, at the moment does not have a comprehensive EV policy in place.

Gadkari, mentioning that with 80 per cent of the lithium-ion cells being made in India, the country can also be a major market for USA-based Tesla. It is to be noted here that Tesla has recently setup its first office in India. The company has also received invitations from several state governments to set up a manufacturing facility.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Indian PC Market Grows 4% In Q4 2023, Local Manufacturing Efforts Ramp Up

0
IT procurement by enterprises and SMBs, delayed in the first half of 2023, is starting to take place and is expected to accelerate...

“Efficiency In Solar Energy Is More About Investment Rationale Than Resource Limitation”

0
Indian utility-scale solar company SolarArise claims to offer investors long-term, cash-generating assets and anticipates advancements in energy storage technologies to enable 24-hour clean power...

A New Form Factor Of Two Wheelers Takes Shape In India

0
The logistics sector has become India's biggest adopter of electric vehicles. However, attrition due to physical and mental fatigue is alarming for lease and...

Buzz

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

Important Sectors

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

TPEM And HPCL Team Up To Enhance EV Charging Infrastructure

0
The collaboration seeks to enhance the experience of electric vehicle owners in India and promote greater adoption of electric vehicles among the population. Tata Passenger...

Suzuki Makes Investment In IoT Expert Soracom

0
Key areas of interest include globally-marketed electric vehicles, modular 'mobility base units', and innovative technologies and services to achieve carbon neutrality. Just a month after...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...