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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)

submitted 5 months ago by TVgog56789@lemy.lol to c/usnews@lemy.lol

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cross-posted from: https://programming.dev/post/15086231

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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[–] RedditWanderer@lemmy.world 10 points 5 months ago

Normally they will hand off all the stock trading to a third party so there is no conflict.