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.
Kimbal Musk has sold a chunk of Tesla shares (Chris Saucedo/Getty Images for SXSW)
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.
