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11 Feb 2021 | 14:27

Kimbal Musk sells $25m worth of Tesla stock

(Sharecast News) - Kimbal Musk, the brother of Tesla chief Elon Musk, sold 30,000 shares of the electric carmaker worth roughly $25.6m earlier in January, according to a securities filing. According to a report from CNBC, the sale was made at just above $850 per share on Wednesday, following a more than 400% surge in the price of the company's stock over the past year.

Elon's brother was followed by another director, Antonio Gracias, in early February, who sold more than 150,000 shares.

Kimbal Musk's sale represents about 5% of his total stake in his brother's company. He held 600,000 shares of the company as of October, according to FactSet.

The company has also been the focus of investors and news outlets recently, after chief executive officer, Elon Musk, showed his support for Bitcoin and Ethereum and said his company would accept payments in the former cryptocurrency.

The announcement sent the price of bitcoin to an all-time high of $44,200 earlier in the same week.
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