5 mo. ago • 98%

Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low

fortune.com Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low

The Tesla CEO faces claims he pocketed $3 billion in ill-gotten gains in late 2022 after learning Q4 vehicle sales would not deliver the 'epic end of year' he promised investors.

Elon Musk accused of illegally selling $7.5 billion in Tesla stock in Q4 2022.
Lawsuit alleges Musk and board violated fiduciary duties by selling shares ahead of disappointing vehicle sales data.
Shareholder seeks disgorgement of $3 billion in illegal gains and damages from directors for reckless behavior.

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US News @lemy.lol Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low

102 comments

Isn't that the definition of insider trading? Lock him up like Martha, she did way less and served time in a prison resort.

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Can we revoke his government contracts now?

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Martha Stewart this motherfucker.

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How could a CEO of any company trade his own stock from the company and not be insider trading?

The fact they are allowed to control stock is laughable... At best, stock from the company you control should be in a blind trust (which would still be laughable but we can at least pretend)

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This is bullshit. My EV ETF is not doing well and I'm losing my investment while this jagoff gets to sell his stocks ahead of the announcements and runs away with the money? Fuck that shit.

Shareholders should fucking sue if the government ain't gonna arrest him for insider trading.

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That title is a very long way of saying that he's been accused of inside trade

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Forgot the final bullet points

US Government does jack shit in terms of legal ramifications for breaking law.

Musk pledges to break US law once again.
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That's called Insider Trading, and is supposed to be illegal.

America

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What a joyous year if we could get Trump and Elon in jail this year.. They could be roomies!

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Lonnie wouldn't break investing rules. I trust him. He's a super genius and will save us all. Now let me go post racist bullshit on his everything app so people will think I'm cool.

He's a shithead. There will never be meaningful consequences. I hope he takes a rocket into space and never comes back.

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Used to be you pull this shit (insider trading) and be locked away for life. Times they 'r a changing, indeed.

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When are Tesla shareholders going to wake up and understand that he's scamming them. You're all dupes and he's going to ride you to the last second and let you all burn.

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Insider trading seems to have been perfectly legal for the last few decades. Nothing will come of this or it would start setting precedent that we could use against our government leaders and other billionaires and federal judges. Not gonna happen.

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Punish him daddy

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.... WHAT'S New in Capitalism......

🫠

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So wait, is it OK to do INSIDER TRAIDING now?

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... and nothing will happen.

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Wouldn't that volume for sale appearing on the market decrease the price in and of itself?

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Couldn't you have posted a non-paywalled article so we don't have to discuss a headline?

CEOs have to announce they will sell in advance. But, I can't see if he did this because of what you posted.

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Oh NOOOOO! So you might point at this genius brain to tell us, he's just another fraudster? NOOOOoooooo! Who whould have thought? /s

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The article is paywalled

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Didn't Martha Stewart go to prison for this exact thing?

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Man someone’s job is literally just poring over thousands of pictures of Musk to find the worst ones

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