On Wednesday, Tesla board member Kimbal Musk purchased 25,000 TSLA shares. Musk had exercised a call option to buy TSLA shares at a discounted price of $74.17 on Monday.
Musk’s recent purchase of TSLA stock was listed in a Form-4 filing. Considering the shares’ discounted price, Kimbal Musk spent just about $1.85 million on his purchase. The expiration date for the call option was also listed as June 18, 2025.
As noted in the Form-4 filing, Kimbal Musk now owns 536,240 TSLA shares after his recent transaction. As of Wednesday’s closing price of $824.46, Kimbal’s total holdings on Tesla now amount to about $442.1 million.
As noted in a Benzinga report, Kimbal’s stock option award is a triennial award granted to the board member following the electric vehicle maker’s 2010 equity incentive plan and outside director compensation policy.
Kimbal Musk, the brother of Tesla CEO Elon Musk, has been a board member at Tesla since 2004. He is also a major shareholder in his brother’s private space company, SpaceX. Kimbal is also a notable businessman in his own right, owning “The Kitchen Restaurant Group,” which operates a number of community restaurants in Indianapolis, Colorado, and Chicago.
While Kimbal may not attract as much controversy as his older brother, he has not escaped issues with the SEC either. Earlier this year, for example, reports emerged suggesting that the SEC had launched an investigation into whether Kimbal and Elon Musk violated insider trading rules when they offloaded TSLA shares last year.
Disclaimer: I am long TSLA.
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