Reported about 1 year ago
Tesla shareholders filed a lawsuit against CEO Elon Musk this week accusing him of using insider information to sell company stocks in advance and make billions in profits. The lawsuit claims that Musk and his brother Kimbal Musk sold $30 billion worth of Tesla stocks between the end of 2021 and 2022 before news that would lower the stock prices was made public. Another shareholder, Michael Perry, also filed a similar lawsuit alleging that Musk engaged in insider trading by selling over $7.5 billion worth of Tesla stocks at the end of 2022. The outcome of the Tesla shareholder meeting this week will determine whether Musk will remain with the company, particularly regarding his $56 billion compensation proposal.
Source: YAHOO