Tesla Inc. (NASDAQ:TSLA) shareholder Michael Perry on Thursday filed a lawsuit against Elon Musk alleging insider trading when the CEO sold shares worth over $7.5 billion in the last two months of 2022.
What Happened: The lawsuit, filed by Perry in the Delaware Chancery Court, claims that Musk sold a total of over $7.5 billion worth of Tesla shares in late 2022 before the disclosure of disappointing fourth-quarter production and delivery numbers. Perry alleges that Musk, using his access to real-time data, was aware of the lower-than-expected numbers when he sold shares worth $3.95 billion in November 2022 and shares worth $3.58 billion in December 2022.
Tesla publicly unveiled delivery numbers on Jan. 2, 2023, and Tesla’s stock fell to $108.10 on Jan. 3, down from ...