Elon Musk’s brother has sold off $28 million in Tesla stock after it lost its trillion dollar company status.
Kimbal Musk is the brother of the tech billionaire and is also a director at Tesla but despite his close ties to the business, Kimbal sold 75,000 shares.
This has trimmed his share of the company down to 1.46 million shares, which are worth around $514 million.
Advert
It also means that his stake in the electric vehicle firm is down by just under 5%.
Tesla stock value has plummeted in recent weeks, with sales dropping by 45% in January.
As the stock continues to drop in value, the company has officially lost its ranking as a trillion dollar company.
Many have speculated this is due to Musk’s new role in the Trump administration after he took on the job as head of the Department of Government Efficiency (DOGE).
While not technically a government department, the group is said to act as an outside advisor on federal spending.
Musk himself promised to slash trillions from the federal budget and has been at the center of controversy since his appointment.
There was public outrage when Musk and his DOGE team were granted full access to the Treasury payment system.
Fears have grown that the SpaceX CEO could have access to the confidential data of millions of Americans, including social security and Medicare benefits payments.
It looks like some people who have invested in Tesla have decided to sell up to avoid the risk of more financial loss due to plummeting stocks.
And one person shedding their stocks is none other than Kimbal.
The Musk brothers once co-founded their own software company together, Zip2, back in 1995.
It has been claimed by ex-employees that Trump’s ‘first buddy’ was known for having a temper back then.
Speaking to the BBC, former Zip2 vice president Jim Ambras said that Musk would spend the evenings ‘looking to see who was sitting at their cubes, and there weren’t many people sitting at their cubes — it was 9 pm’.
He continued: “And his face turned red, he was really angry that the entire company wasn’t there in the office at 9 o’clock at night.”
Another employee, former Zip2 systems engineer Branden Spikes, told the BBC that Musk would often work late into the night and fall asleep under his desk.
Spikes also described Musk as being an ‘unusual fellow’ and a ‘know-it-all’, adding that the tech mogul thought he knew ‘just about everything about everything’.