Tesla Inc (NASDAQ:TSLA) boss Elon Musk’s brother, Kimbal, has made US$108.8mln in a share sale.
The younger Musk brother exercised stock options to buy 25,000 shares at US$74.17 each, before instantly selling them for approximately US$1,230 per share, according to a filing with the Securities and Exchange Commission (SEC).
This sell-off came the day before his brother set up a Twitter poll asking whether he should sell 10% of his stake in the electric vehicle maker.
Musk Senior vowed to “abide” by the outcome of the poll, which saw a majority of 58% vote for the multi-billionaire to sell a large stake in the company.
Elon had previously mentioned that he intended to sell much of his stake in the fourth quarter, as it could save him billions in taxes compared with disposing of in 2022.
Kimbal Musk, who serves on Tesla’s board of directors, still holds over 511,000 Tesla shares, worth around US$600mln based on Monday’s closing price of US$1162.
Following Elon’s promise to offload 10% of his Tesla stake, the company’s shares nosedived 4.84% on Monday to US$1163 from US$1222.
The stock, which has climbed 176% over the previous year, hit an all-time high of US$1243 earlier this month.