Kimbal Musk Makes Over $108 Million As Tesla Founder Considers Selling His Own Stock

Kimbal Musk, the brother of Tesla co-founder Elon Musk, made over $108 million last week by exercising his company stock options just as Elon was musing about selling a chunk of his own holdings.

In a filing with the Securities and Exchange Commission made on Nov. 5, Kimbal used his options to buy 25,000 Tesla shares at $74.17 before immediately selling them in portions priced at $1,223 a share to $1,236 a share, making about $108.8 million, MarketWatch reported.

The younger Musk, who is on Tesla's board of directors, still holds more than 511,000 Tesla shares, worth about $594 million as of Monday.

Tesla’s stock experienced a hectic weekend after Elon asked his followers on Twitter if he should sell off 10% of his stock in the electric car company.

Elon explained his question by referring to a proposal by Democrats in Congress to tax unrealized gains of assets held by the ultra-wealthy. He added that most of his wealth was through holding stocks in his companies, so, if enacted, the effects of the tax bill could potentially hit him harder.

Elon has been a critic of the Democrats’ tax reforms that would be aimed at the richest individuals in the U.S.

"Eventually, they run out of other people's money and then they come for you," the Tesla co-founder wrote at the end of October in response to the tax proposal.

Elon's 63 million Twitter followers voted 57.9% in favor of him selling off 10% of his Tesla stocks, but he has not yet moved to follow through on his promise.

By Monday, Tesla's share price plunged but it has slowly inched back upward to $1,174 per share at the time of writing.