Per Fortune
Elon Musk's brother Kimbal Musk sold 100,000 Tesla shares
4/7/2023
Elon Musk's younger brother, Kimbal Musk, sits as Tesla's board director, and recently, he decided to cash in on 100,000 Tesla shares. This was revealed to take place despite a blackout period that prevented insider sales until after April 19.
The reason for the blackout period being up to April 19 is that the date is when Tesla is expected to report quarterly earnings. Despite this, Kimbal was able to sell his shares at a net of $17 million.
A regulatory filing revealed a so-called 10b5-1 plan and, under it, showed that Kimbal had the transaction lined up as early as December, four months earlier. The plan revealed how Kimbal exercised stock options with a June 2025 expiry date.
The stock options would have allowed him to buy 100,000 shares at a discounted price of almost 90% from the previous close. This meant that Kimbal would have been able to purchase the hundred thousand shares at just $24.73 each.
Kimbal's sale price was between 192.78 and $202.64, and the sale was carried out in 11 different blocks. Despite his sale, Elon Musk's younger brother would still have 1.6 million worth of Tesla shares.
While other tech companies were laying off hundreds to thousands of workers in 2022, Tesla was able to increase its workforce. As other companies were laying off, the company reportedly added almost 30,000 employees that year.
It increased its employee count by 23% from 99,290 to 127,885 employees worldwide.
A former Telsa Motors Australia director received a two-year and six-month sentence for insider trading. He reportedly realized $28,883.53 in profit from the trade, and in November of 2022, he pleaded guilty to the charges against him and is now disqualified from managing corporations for five years.
See flow at unusualwhales.com/flow.
Other News:
- Tesla Grew Employees by 23% in 2022 Despite Stock Dropping by 65%: Tech Sector Layoffs Increase
- Former Tesla, $TSLA, Motors Australia director has been sentenced to two years and six months for insider trading
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