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News@lemmy.world • 23 days ago

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

cross-posted to:
usnews@lemy.lol

911

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

@AnActOfCreation@programming.dev to

News@lemmy.world • 23 days ago

cross-posted to:
usnews@lemy.lol

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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@exanime
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18•23 days ago
Yes but you see, he is a billionaire… Insider trading and other laws are for the pauper rich

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