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

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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.

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.

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