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.
  • TWeaK@lemm.eeEnglish
    2·
    5 months ago

    Twitter was wrecked with the purchase, it’s been on borrowed time since. The business is now worth less than the $13bn loan it took out to buy itself on Musk’s behalf. It was a leveraged buyout, just like every business that goes under after “being saddled with debt”.