Tesla CEO Elon Musk and his brother are under investigation for alleged insider trading

[Demovictory9]

Tesla CEO Elon Musk and his brother are under investigation for alleged insider trading
Musk sold 88,500 shares the day before his brother tweeted a poll about selling 10 percent of his stake in Tesla

The Securities and Exchange Commission is looking into whether recent stock sales by Tesla CEO Elon Musk and his brother Kimbal Musk potentially violated insider trading rules, according to The Wall Street Journal.

The investigation began late last year after Musk and his brother sold $108 million worth of Tesla shares, according to the Journal. That sale happened the day before Elon Musk polled his Twitter followers about whether he should sell 10 percent of his stake in the company — and promised to abide by the poll’s results.

Elon Musk portrayed the stock sales as a way to cover any fees he would face if Congress imposed new taxes on unrealized capital gains. When the poll closed, 57.9 percent of more than 3.5 million participants had voted “yes,” and 42.1 percent voted “no.” The Tesla stock price fell sharply as a result of the poll.


Kimbal Musk, who also sits on Tesla’s board of directors, sold 88,500 shares one day before his brother tweeted the poll, the Journal says. Insider trading laws prohibit employees and board members from trading based on information that has not been made public.

https://www.theverge.com/2022/2/24/22949453/tesla-elon-musk-kimbal-sec-investigation-insider-trading

[bucolic_frolic]

1. Sounds like the Genius entrapped himself

Maybe law is not his field.

[SoCalDavidS]

2. I've Got Another Bridge For Sale

If you think he's going to suffer ANY consequences, let me know. I'll sell you the bridge at a discount.

[empedocles]

3. Good to see musk vulnerable

[UTUSN]

4. K&R

[Baked Potato]

5. Free oil changes for all Teslas offered as show of contrition.