Although Elon Musk's sales were the first time he sold any Tesla stock since 2016, his brother Kimbal Musk — a Tesla board member — has been selling his own shares on a regular basis. So have many other top executives and board members.
The dollar value of his sale is dwarfed by his brother Elon's sale of $5.7 billion worth of Tesla stock from Monday through Thursday this week. But it represented a much larger percentage of his holdings in Tesla -- about 15% of Kimbal's stake in the company. Elon's stake has declined by only 3% so far through his sales through Thursday.
If he still owned all those shares, they now would be worth $369 million more than what he received. And he would have just more than twice as many shares as he currently holds. Some of Kimbal Musk's sales were made using a"Rule 10b5-1 trading plan," an SEC rule that allows company insiders to sell shares on a pre-arranged schedule so they can't be accused of trading on news about the company. He has also sold some shares in which the filing doesn't mention such a plan.
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