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
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