Elon Musk’s brother sold R1.6 billion in Tesla stock ahead of poll

accreditation
0:00
play article
Subscribers can listen to this article
Kimbal Musk.
Kimbal Musk.
Michael Loccisano/Getty Images

Kimbal Musk sold Tesla shares a day before his brother, CEO Elon Musk, launched his now infamous Twitter poll.

Kimbal, a Tesla board member, sold 88 500 Tesla shares on 5 November, according to a filing on Monday after the market close. He sold the stake at an average price of $1 229.91 per share via JPMorgan, the filing says. That amounts to about $109 million. The shares sold represented about 15% of Kimbal’s equity stake, excluding options.

Elon Musk proposed selling 10% of his Tesla stock on Twitter Saturday, saying he would "abide by the results of this poll, whichever way it goes". His legion of followers decided the world’s richest person should sell a stake worth about $21 billion. Tesla shares slumped after the poll, closing down the most in five months. 

Tesla shares dropped for a second day on Tuesday, declining 6.3% to $1 089.58 in early trading in New York. 

Kimbal, 49, attended culinary school and established himself as a sustainability-minded Brooklyn entrepreneur. He has assets valued at about $950 million, according to the Bloomberg Billionaires Index, though Tesla’s latest proxy shows he had 599 740 shares - equal to all of his equity at the time, pledged as collateral for personal loans.

The cowboy-hat sporting chef-restaurateur is CEO of Kitchen Restaurant Group and co-founder of Square Roots Urban Growers, an urban farm community that cultivates crops like arugula in spaces including old shipping containers. He’s been a member of the Tesla board since April 2004 and is also a director of his brother’s Space Exploration Technologies, known as SpaceX.

Tesla didn’t immediately respond to a request seeking comment.

- With assistance from Devon Pendleton.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
16.18
+0.6%
Rand - Pound
21.57
-0.0%
Rand - Euro
18.24
+0.2%
Rand - Aus dollar
11.54
+0.0%
Rand - Yen
0.14
-0.3%
Gold
1,794.65
+0.1%
Silver
23.38
+1.0%
Palladium
1,797.01
+2.6%
Platinum
974.00
+1.9%
Brent Crude
72.72
-11.6%
Top 40
62,411
0.0%
All Share
68,615
0.0%
Resource 10
64,074
0.0%
Industrial 25
92,909
0.0%
Financial 15
12,995
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot