Kimbal Musk, billionaire Elon Musk’s younger brother, sold Tesla shares worth $25.6 million shares on Tuesday, according to filings registered with the Securities and Exchange Commission.
He sold 30,000 directly owned shares at an average price of $853 per share, the filings showed. The 48-year-old, who is a Tesla board member and restaurateur, still holds 599,740 shares in the company, worth roughly $483 million.
Tesla’s shares rose 743% in 2020 and are up about 14% so far in 2021.
Separately, Tesla audit committee member Antonio Gracias sold 150,747 shares in the electric-car maker at an average price of $845.36 on Tuesday, according to another filing. But Gracias replaced these positions by purchasing 150,747 call options that expire in June 2022 and 2025, with exercise prices of $52.38 and $68.56. Gracias, a board member who also serves as the chairman and CEO of Valor Equity Partners, owns 1.3 million shares in Tesla via the AJG Growth Fund, the filing showed.
Tesla executives and insiders hold about a 19.6% stake in the company, according to Bloomberg.
Apple gained 4.7% on Tuesday following a Reuters report on Monday that said the iPhone maker planned to produce electric cars by 2024.
The tech giant aims to compete in the rapidly expanding electric-car market with new battery technologies to improve vehicles’ safety and range, according to the report. That could “radically” cut down on battery costs, a source familiar with the plans told Reuters.
Apple’s market value grew by more than $102 billion at intraday highs.
The report, published less than an hour before markets closed, lifted Apple shares to a 1.2% gain on Monday. Tesla, which would likely serve as Apple’s greatest competitor in the automotive sector, extended losses and closed 6.5% lower.
Sources told Reuters that Apple planned to partner with other companies for some vehicle systems. Suppliers of lidar sensors rallied in early trading. Apple developed its own lidar sensors for the iPhone 12 Pro and iPad Pro models.
The report revived discussions of Apple’s Project Titan automotive plan after layoffs and a leadership shakeup spurred rumors that the project had died.
The company plans to incorporate a “monocell” design to concentrate battery cells and create more space in battery packs by doing away with various storage pockets, Reuters reported. The layout would allow for denser battery units and a longer range than layouts with more loosely packed cells.
Apple is also experimenting with lithium-iron-phosphate battery chemistry, which could be less likely to overheat than lithium-ion batteries, Reuters reported.
But even Apple’s expertise in handling massive supply chains would likely be tested by vehicle production. Tesla spent nearly two decades building cars before turning a steady profit. Apple would need to collaborate with a slew of partners and venture into manufacturing processes not used for its existing hardware.
“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” a person who worked on Project Titan told Reuters.
Apple closed at $128.23 on Monday, up 76% year-to-date. The company has 75 “buy” ratings, 18 “hold” ratings, and three “sell” ratings from analysts.
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