Tesla investor Michael Perry alleged that Elon Musk knew the company would miss fourth-quarter projections when he sold $7.5B in Tesla stock.
A Tesla investor accused Elon Musk of using insider information on his company to sell $7.5 billion worth of Tesla stock in 2022, according to a lawsuit filed Thursday in Delaware Chancery Court.
"Musk's insider profits for his November and December sales were approximately $3 billion based on the January 3, 2023 closing price of $108.10 per share," the lawsuit alleged.Perry alleged in the lawsuit that Musk must have had access to information on his company that was not yet available to the public, which led to his stock sales.
Perry also accused Musk of misleading shareholders about what to expect in the fourth quarter of that year in an October 2022 earnings call. Musk's Larry Ellison moment? Shareholders can launch a derivative lawsuit against a company's directors if they believe a breach of duty has occurred.
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