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Tech June 3, 2024

Tesla shareholder sues Musk for alleged $7.5 billion insider trading

A Tesla shareholder, Michael Perry, filed a lawsuit accusing CEO Elon Musk of insider trading for selling over $7.5 billion in shares before potentially disappointing production and delivery numbers were made public. Perry claims Musk benefited by about $3 billion in insider profits, breaching his fiduciary duties. The lawsuit, filed in Delaware Chancery Court, alleges that Musk used his position and access to real-time data to sell shares in November and December 2022 before Tesla’s fourth-quarter numbers were disclosed on January 2, 2023, which led to a significant drop in Tesla’s stock price. The lawsuit also accuses Tesla’s directors of allowing the sale. This legal action adds to Musk’s challenges, including a vote on his $56 billion pay package and a regulatory probe into his 2022 Twitter stock purchases.

Source – CGTN

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