According to foreign media reports, a Tesla shareholder filed a lawsuit on May 30, accusing Tesla CEO Elon Musk of allegedly insider trading when selling Tesla shares worth more than US$7.
5 billion at the end of 2022, saying Musk sold shares before disappointing production and delivery data were released.
Tesla shareholder Michael Perry claimed in a lawsuit filed in Delaware Chancery Court that Tesla’s share price plummeted after the company’s fourth-quarter data was released on January 2, 2023, and claimed that Musk “improperly benefited”$3 billion through inside information.
“Musk used his position at Tesla and violated his fiduciary responsibilities to Tesla,” the indictment states.
The shareholder asked the court to order Musk to return the trading profits.
The lawsuit alleges that Musk sold the shares between November 2022 and December 2022.
, Image source: Tesla,Perry said in the lawsuit that Musk had said demand for Tesla cars was “very good” in 2022, but he found in mid-November that Tesla car sales were lower than expected because he could get real-time data, so he sold his stock before the information was made public.
, Tesla’s share price plummeted after news of car price cuts sparked demand concerns and January data were released.
“If (Musk) waited until major unfavorable news was released before selling shares, his stock income would be less than 55% of what it would have been when it was sold in November and December 2022,” the indictment said.
The lawsuit also accuses Tesla directors of violating their fiduciary duties by allowing Musk to sell shares.
Musk and Tesla did not immediately respond to requests for comment.
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