XLY - Tesla's Elon Musk Accused Of Insider Trading In New Lawsuit | Benzinga
Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), is embroiled in a lawsuit accusing him of leveraging insider information to profit from Tesla stock sales, according to a legal complaint initiated by the Employees' Retirement System of Rhode Island (ERSRI).
The shareholder lawsuit, filed this Tuesday in Delaware Chancery Court, alleges Musk made billions from these transactions, Reuters reports.
According to court documents, between late 2021 and the end of 2022, Elon Musk and his brother, Kimbal Musk, a director at Tesla, sold approximately $30 billion worth of Tesla shares.
The lawsuit claims these sales occurred just before negative company news was expected to lower stock prices.
Further allegations suggest that Elon Musk inflated stock prices by not disclosing his intentions to use ...