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Kimbal Musk, the younger brother of Tesla’s Technoking, sold a portion of his Tesla shares earlier this week, raking in over $7 million. He had acquired shares through options and sold them on the same day at an average price that was $600 more than what he paid for them. He still owns 599,740 common shares currently valued at around $414.7 million.
The company stated that his stock sales were part of a Rule 10b5-1 trading plan implemented by Kimbal back in May last year.
Kimbal who is an executive board member at Tesla also made news in a recent interview where he shared a positive outlook about his brother’s electric vehicle company highlighting Tesla’s growing energy business. Like Elon, Kimbal is excited about the opportunities within the energy sector, which is still a market that holds significant potential for sustainable solutions.
During an interview on Bloomberg Markets, Kimbal spoke about his project, Million Gardens Movement, which focuses on nurturing children’s healthy eating habits in the US. But he also took the moment to give Tesla a boost while remaining guarded about questions related to Tesla’s stock valuation.
In response to questions on Tesla’s value, he said, “I can’t really speak to the value of the company. As you know, I’m on the board. I can say that I’m really excited about the future of Tesla, and it does include energy. Frankly, and I actually don’t know the exact numbers so don’t quote me on this, but it’s going to be one of the biggest industries. It probably is one of the biggest industries in the world if not the biggest.”
His confidence in Tesla Energy was evident where he emphasized how proficient the US carmaker is when it comes to making quality products. He also shares his brother’s enthusiasm around Tesla’s software advantage in products like Autobidder.
Autobidder is a transactive energy platform that uses machine learning, predictive analytics, and automated interactions with market operators and regulators to generate revenue from power and energy services with minimal overhead. Autobidder has been used at the Hornsdale Power Reserve in Australia for a few years already it’s reduced systems costs and applied pressure to decrease prices. The Hornsdale Project has saved millions of Australian dollars across the country’s different markets since it’s been in operation.
Tesla and Autobidder shows that by taking advantage of a new type of technology while the transactive energy model expands and provides more value to customers, there will be renewed compelling force to open up electricity markets so more and more companies can bring their products and services to market.
Kimbal added that “Tesla is about alternative energy, and it’s an energy company. Obviously, we’re really good at product and get really good at technology, and we’re good at making cars. The future of Tesla is very bright.”
Tesla Energy is showing great growth with getting involved in various global high-profile projects that include the Moss Landing in the United States to Victoria in Australia. And recently, more recently, it was revealed that Tesla batteries are going to be used in a 240 MWh battery installation on tech giant, Apple’s solar farm in California. The system will feature an estimated 85 Megapacks to provide power to Apple’s Cupertino headquarters.
Earlier this month, Tesla received a $30 million order for energy storage systems from an Israeli renewable company, Nofar Energy. The Israeli energy company believes that Tesla’s energy storage will help build a solar project to provide 100 megawatts of electricity.
Nofar filed a report with Tel Aviv’s Stock Exchange (TASE) saying it has finalized a strategic agreement with Tesla. Nofar Energy is a global green tech company that promotes initiatives for economic and environmental betterment.