Meet the other Musk getting rich off of Tesla:
Hollywood on September 04, 2019 in Hollywood, California.Tesla’s rapidly rising share price has made CEO Elon Musk the richest person in the world this year—but he’s not the only member of the Musk family cashing in.
Elon’s youngest brother, Kimbal Musk, was an early investor in the electric carmaker and has served on the company’s board since 2004. It’s a lucrative gig.conservatively estimates that Kimbal Musk has a net worth of about $700 million. That’s largely thanks to his 0.04% stake in Tesla, plus options to purchase 172,250 Tesla shares, worth about $170 million as of Nov. 9.
Kimbal has invested in Tesla with his own cash and has also been granted valuable stock options over the years as compensation for his board service. Back in 2008, at the height of the recession, Kimbal’s personal investments cratered, so he sold his remaining assets and put them into Tesla to help the struggling company stay afloat, according to journalist Ashlee Vance’s 2015 biography “Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future.
It’s unclear how much Kimbal invested; a spokesperson would only say he was an “early investor.” According to Securities and Exchange Commission, Kimbal participated in a 2008 bridge financing round where investors loaned Tesla money in exchange for a convertible note to purchase shares at a discounted rate. Kimbal ended up with 594,857 shares. It’s unclear if he has invested any more of his own money in the business over the years.
What is clear: Kimbal’s Tesla stake has been highly lucrative for him. Since the electric car maker’s IPO in 2010, he has sold nearly $230 million worth of Tesla shares. That includes a massive stock
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Other Musk Getting Rich Off Tesla: Elon’s Youngest BrotherKimbal Musk is a restaurateur, food investor—and board member at big brother Elon’s Tesla and SpaceX.
Read more »
It's not just Elon Musk: Here's who else at Tesla has been selling the stockAlthough Elon Musk's sales were the first time he sold any Tesla stock since 2016, his brother Kimbal Musk — a Tesla board member — has been selling his own shares on a regular basis. So have many other top executives and board members.
Read more »
Elon Musk pocketed another nearly $690 million from selling Tesla stockBillionaire Elon Musk just pocketed another $687.3 million, as he sold more Tesla Inc. stock to the public.
Read more »
Elon Musk sells another $687 million in Tesla stockThe news comes just days after the Tesla CEO sold $5 billion in stock
Read more »
Tesla just had its worst week in 20 months after Elon Musk sold $5.7 billion worth of sharesThis marked Tesla's worst one-week performance in 20 months, and the stock's worst week ever excluding declines that occurred in February and March 2020.
Read more »
Shares Of Rivian Continue To Move Higher After Elon Musk Throws ShadeShares of Rivian continue to move higher after Elon Musk throws shade by skleb1234
Read more »