The 48-year-old sold 30,000 shares on Feb 9 at an average price of US$852.12, according to the filing. Tesla shares dropped 5.3% Wednesday to close at US$804.82. Tesla soared 743% in 2020 and is up a further 14% this year.

The transaction reduced his holding to 599,740 Tesla shares, which amounts to US$483 million. Tesla insiders hold a 19.6% stake in the company, according to data compiled by Bloomberg.

Board member Antonio Gracias meanwhile sold 150,747 Tesla shares, leaving him with a direct holding of 2,545. However, he replaced these with new long positions via long-dated call options, also known as Long-term Equity Anticipation Securities, better known as LEAPs.

Gracias bought about 150,000 call options expiring in June 2022 and 2025 with exercise prices of US$52.38 and US$68.56. He also indirectly owns 1.3 million Tesla shares through AJG Growth Fund.

Kimbal Musk is chief executive officer and co-founder of The Kitchen Restaurant Group. Gracias is the founder and head of Valor Equity Partners.