Tesla Shareholder Accuses Elon Musk of Insider Trading in Recent Lawsuit

Saturday, 1 June 2024, 00:23
A lawsuit was filed by Tesla shareholder Michael Perry, claiming that Elon Musk made $3 billion in insider profits following a drop in Tesla's share price after the fourth-quarter numbers were released. The lawsuit alleges that Musk misused his position at Tesla, violating his fiduciary duties and seeking the return of profits from the trades.

Details of the Lawsuit Against Elon Musk

Shareholder Michael Perry filed a lawsuit in Delaware Chancery Court, accusing Elon Musk of insider trading.

Allegations Against Musk

  • Misuse of Position: Musk allegedly improperly benefited by $3 billion in insider profits.
  • Breach of Fiduciary Duties: The lawsuit claims that Musk breached his duties to Tesla by benefiting from the trades.

The lawsuit seeks to compel Musk to return the profits derived from the alleged insider trading.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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