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News@lemmy.world · 5 months ago

Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low

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Musk accused of selling $7.5 billion of Tesla stock before releasing disappointing sales data that plunged the share price to two-year low

AnActOfCreation@programming.dev to

News@lemmy.world · 5 months ago

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.

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5 months ago

I’m not saying the system is good, just that this is how it works.

Totally get it… which is why my comment was intended to mean “what the fuck kind of system is this”… not “Elon bad”… although, yes, Elon bad ;-)

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