June 1, 2024

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Tesla Shareholder Sues Elon Musk for Insider Trading Over $7.5 Billion Share Sale

Key Points: Tesla shareholder Michael Perry accuses Elon Musk of insider trading for selling $7.5 billion in shares before disappointing production figures were released. The lawsuit claims Musk breached fiduciary duties and improperly benefited by $3 billion, with Tesla's directors also accused of allowing the sales. Tesla's stock price plummeted following the release of Q4 numbers in January 2023, further fueling the lawsuit. Musk faces multiple legal issues, including opposition to his $56 billion pay package and an SEC investigation...

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