The US Securities and Exchange Commission (SEC) has launched an investigation into possible irregularities in the recent Tesla stock sales by Elon Musk and his brother Kimbal. The regulator suspects that they did not comply with the "insider trading rules".
The investigation began in 2021. Previously, Kimbal Musk sold $108 million worth of Tesla shares, the day before Elon Musk created a poll for Twitter users about whether he should sell 10% of his stake in Tesla.
According to the Tesla CEO, his lawyers knew about the Twitter poll, but his brother didn't. Ten days after Musk's poll was published, the SEC sent a subpoena demanding the release of information related to certain financial data. According to the share sale disclosure document, the sale of Elon Musk's shares in November was automatic in accordance with the trading plan he created on September 14.
After the poll, Elon Musk lost $50 billion. Investors accused him of manipulating the market and ignoring the interests of others.
Musk himself, under an agreement with the US Securities and Exchange Commission, must submit his public statements about the company's finances and other topics to the company's lawyers for verification.
Earlier, the SEC called the head of Tesla to court. The reason was the publication of Musk from 2018, in which he announced the probable privatization of the manufacturer of electric vehicles.
In February, the Tesla CEO accused the SEC of leaking information about a federal investigation. In his opinion, the purpose of the leak was revenge for public criticism of financial regulators, and the SEC is literally pursuing him, constantly initiating new investigations. Earlier, Musk's lawyers said that the regulator did not fulfill its obligations in distributing $40 million to Tesla shareholders.
bbabo.Net