Kimbal Musk sold shares in Tesla Inc. a day before his brother, CEO Elon Musk, launched his now infamous Twitter poll.
Tesla’s board member Kimbal sold 88,500 Tesla shares on Friday, according to a filing that day after the market closed. He sold the stake at an average price of $ 1,229.91 per share through JPMorgan, according to the filing. That’s about $ 109 million. The shares sold represented around 15% of Kimbal’s stake, excluding options.
Elon Musk on Saturday offered to sell 10% of his Tesla shares on Twitter, saying he “would comply with the results of this poll no matter what.” His legion of followers have decided that the richest person in the world should sell a stake worth around $ 21 billion. Tesla’s shares collapsed after the poll, closing the most in five months.
Tesla shares fell nearly 12% on Tuesday, in its worst two-day performance since March, after Insider reported that Michael Burry said in a tweet that Elon Musk may want to sell shares to cover personal debt .
Kimbal, 49, attended culinary school and established himself as a sustainability-minded Brooklyn entrepreneur. He has assets valued at around $ 950 million, according to the Bloomberg Billionaires Index, although Tesla’s latest proxy shows he had 599,740 shares, the equivalent of all his equity at the time, put pledged for personal loans.
The sporty cowboy-hat chef and restaurateur is CEO of Kitchen Restaurant Group and co-founder of Square Roots Urban Growers Inc., an urban farming community that grows crops like rocket in spaces that include old shipping containers. He has been a member of the Tesla Board of Directors since April 2004 and is also a director of Space Exploration Technologies Corp. of its brother, known as SpaceX.
Tesla did not immediately respond to a request for comment.
Bloomberg writer Devon Pendleton contributed to this report.