Kimbal Musk, the younger brother of the CEO of Tesla (NASDAQ: TSLA), has made more than $ 7 million trading shares of the electric vehicle maker: He acquired shares through options and sold them on the same day at an average price of $ 600 more than what you paid for them.
In a filing with the Securities and Exchange Commission (SEC), Tesla reveals that Kimbal, who sits on the company's board of directors, exercised options to buy 12,000 common shares on April 1 at a price of $ 74.17 per share, for $ 890,040.00.
That same day, Kimbal sold 12,000 shares on the open market at an average price of $ 675.856, according to MarketWatch calculations, to raise $ 8,110,149.46.
In net terms, Kimbal made $ 7,220,109.46.
The company said the stock sales were part of a Rule 10b5-1 business plan adopted by Kimbal on May 19, 2020.
Rule 10b5-1 allows, under SEC rules, the major shareholders and insiders of publicly traded corporations to trade a predetermined number of shares at a predetermined time.
Also read: Pfizer and Moderna: The curious 10b5-1 plan or how to get (more) rich in a minute
Elon Musk's brother still owned 599,740 Tesla common shares after the sale, which at current prices were valued at around $ 414.7 million. He also benefited from options to buy 197,250 shares.
As MarketWatch recalls, Kimbal has been pretty good at picking short-term highs in Tesla stocks in recent months. The last time he sold shares was on February 9, at a weighted average price of $ 852,117. The stock closed that day at $ 849.46 and has since closed below that level.
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