Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low
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
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 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.
I don't understand why people who have insider knowledge are ever allowed to sell or buy that stock. Seems made for corruption.
Normally they will hand off all the stock trading to a third party so there is no conflict.
You can't stop promoters from trading their own stock but there are strict rules for them.
They cannot make a trade based on insider information before it's Public.
Well clearly they can. They'll always know things before they happen that will affect the stock price.