Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low - eviltoast
The Tesla CEO faces claims he pocketed $3 billion in ill-gotten gains in late 2022 after learning Q4 vehicle sales would not deliver the 'epic end of year' he promised investors.
  • 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.
  • Aurenkin@sh.itjust.works
    51·
    5 months ago

    At my workplace we are only allowed to sell stocks within certain windows, usually it’s a brief period immediately after we publicly release earnings. I think for higher ups it’s even more restrictive.

    • NotMyOldRedditName@lemmy.world
      22·
      5 months ago

      We had a 2 week window 2 or 3 days after earnings were released.

      Edit: You could preschedule sales though like recurring once a month, but it wouldn’t take effect immediately. I can’t remember what the delay on that was, but it might have been starting after the next earnings?

    • EnderMB@lemmy.world
      3·
      5 months ago

      I’ve known people at IC level sell outside of windows and barely get a mention. Some people have odd vesting schedules for things like RSU’s, so sometimes it’s unavoidable.

      At higher levels, it’s locked down considerably. My old director said that he had to have a meeting to go through a sale of his stock, so that it could be approved to be out of a window of potential releases in the company outside of his own division. I imagine that at VP+ level you need accountants just to handle what is a few clicks for an average corp worker.