Institutional Shareholder Accuses Musk of Insider Trading, Demands Return of Gains

Tuesday, 11 June 2024, 23:57
The lawsuit filed against Elon Musk alleges that he made billions through Tesla stock sales using insider information. Musk and his brother Kimbal Musk sold $30 billion in Tesla stock before adverse news was public, prompting a call to return the profits. The legal action casts a shadow on Musk's $56 billion pay package up for reconsideration by Tesla shareholders.
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Institutional Shareholder Accuses Musk of Insider Trading, Demands Return of Gains

Tesla Shareholder Lawsuit: Insider Trading Allegations

An institutional shareholder has accused Elon Musk of making billions through Tesla stock sales using confidential information. Musk and his brother Kimbal Musk sold a combined $30 billion in Tesla stock before negative information was made public.

Call to Return Profits

The Employees' Retirement System of Rhode Island has filed a lawsuit demanding the court to direct Elon Musk to return the alleged 'unlawful profits' from the insider trading activities.

Impact on Tesla

  • Magnitude: The legal battle could affect Tesla's leadership stability and investor confidence.
  • Reconsideration of Pay Package: The lawsuit highlights uncertainties over Musk's controversial $56 billion pay package, which is up for shareholder voting.
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