{"id":409669,"date":"2022-02-25T12:19:29","date_gmt":"2022-02-25T09:19:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-probed-in-us-over-stock-trades-report\/"},"modified":"2022-02-25T12:19:29","modified_gmt":"2022-02-25T09:19:29","slug":"elon-musk-probed-in-us-over-stock-trades-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-probed-in-us-over-stock-trades-report\/","title":{"rendered":"#Elon Musk probed in US over stock trades: report"},"content":{"rendered":"

“#Elon Musk probed in US over stock trades: report<\/strong>”<\/p>\n

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\n \"Elon
\n Elon Musk and his brother reportedly face a US probe over stock trades last year.
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US market regulators are probing whether Tesla boss Elon Musk and his brother violated insider trading rules in connection with whopping share sales last year, the Wall Street Journal reported Thursday.<\/p>\n

The Securities and Exchange Commission reportedly launched its probe after Kimbal Musk sold $108 million in Tesla stock last year, just a day before a significant drop in the electric car maker’s share price.<\/p>\n

Tesla stock value fell sharply after Elon Musk posted a Twitter<\/a> poll asking whether he should sell 10 percent of his stake in the company.<\/p>\n

The probe is looking into whether Elon Musk told his brother, also a member of the Tesla board of directors, that he would post the tweet and whether Kimbal Musk then traded, the Journal reported. <\/p>\n

Employees and managers of a listed company should not normally buy or sell securities when they are aware of information that has not yet been made public. <\/p>\n

The SEC declined to comment on the report.<\/p>\n

The richest man in the world is already in open conflict with the SEC because of a 2018 tweet in which he stated that he had the app<\/a>ropriate funding to take Tesla off the stock market, without providing proof of it. <\/p>\n

Musk and Tesla each agreed in that case to pay $20 million as part of a settlement that also imposed strict rules on his use of social media, requiring pre-approval from Tesla counsel over statements with key financial information. <\/p>\n

A Tesla lawyer reignited the battle over the settlement by sending a letter to a judge last week accusing the SEC of propagating “endless unfounded investigations” against Musk. <\/p>\n

The letter also accused the SEC of dragging its feet in distributing the $40 million to investors, while it has cracked down on Musk’s use of social media.\n <\/p>\n\n

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Musk gives 5 mn Tesla shares to unspecified charities\n <\/p><\/div>\n

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\n \u00a9 2022 AFP<\/p>\n

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Citation<\/strong>:
\n Elon Musk probed in US over stock trades: report (2022, February 25)
\n retrieved 25 February 2022
\n from https:\/\/techxplore.com\/news<\/a>\/2022-02-elon-musk-probed-stock.html<\/p>\n

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