WILMINGTON, Delaware — Elon Musk made billions of dollars by selling Tesla stock using insider information, an institutional shareholder alleged in a lawsuit filed on June 11, asking the court to direct the Tesla chief executive to return “unlawful profits”.
Elon Musk made billions by selling Tesla stock using insider information, an institutional shareholder alleged in a lawsuit.
Musk and his brother, Kimbal Musk, a Tesla director, sold a combined US$30 billion in the electric vehicle maker’s stock between late 2021 and the end of 2022, cashing in before news that would cause the stock to fall became public, according to the lawsuit, which was filed by the Employees’ Retirement System of Rhode Island .
A similar suit filed at the same court late in May by Michael Perry, another Tesla shareholder, accused Musk of insider trading when he sold over US$7.5 billion of shares in Tesla in late 2022.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla shareholders advised to reject Elon Musk’s $75b pay packageProxy advisory firm Glass Lewis said on Saturday it has urged shareholders to reject a US$56 billion (S$75 billion) pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.
Read more »
Tesla shareholder sues Elon Musk for alleged US$7.5 billion insider tradingA Tesla shareholder filed a lawsuit on Thursday (May 30) accusing CEO Elon Musk of insider trading when he sold over US$7.5 billion of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before potentially disappointing production and delivery numbers were made public.
Read more »
Tesla turns to Musk's small shareholder fans to back $56 billion paydayWith major Tesla shareholders appearing divided over whether to endorse Elon Musk's $56 billion pay package, the company also is looking for support from retail investors who make up an unusually high percentage of the electric carmaker's ownership base.
Read more »
Norway wealth fund to vote against Musk's $56 billion Tesla pay packageOSLO :Norway's $1.7 trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk's $56 billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year.
Read more »
Please don’t take our internet away: Remote Amazon tribes hooked on Starlink internetThanks to Elon Musk’s Starlink, remote Amazon tribes are getting hooked to the internet.
Read more »
Tesla shareholder sues Musk for alleged $10 billion insider tradingA Tesla shareholder filed a lawsuit on Thursday accusing CEO Elon Musk of insider trading when he sold over $7.5 billion (S$10.1 billion) of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before potentially disappointing production and delivery numbers were made public.
Read more »