US market regulator probes Elon Musk, UK Kimbal on Tesla Sales Share: Report

US market regulator probes Elon Musk, UK Kimbal on Tesla Sales Share: Report

Last week, Elon Musk accused the US Securities and Exchange Commission of harassing him.

The US Securities and Exchange Commission is investigating whether a recent stock sale by Tesla Inc CEO Elon Musk and his brother Kimbal Musk “violated insider trading rules”. , the Wall Street Journal reported on Thursday, citing people familiar with the matter.

According to reports, the investigation began last year after Kimbal sold a stake in the electric car maker for $108 million, a day before Musk polled Twitter users asking if he had Should I sell my 10% stake in Tesla?

Kimbal Musk was unaware of the previous Twitter poll, Elon Musk told the Financial Times in an email, adding that his lawyers were “aware” of the probe.

An earlier settlement with the SEC required his public statements about the company’s finances and other topics to be examined by its legal counsel.

The SEC issued the subpoena on November 16, ten days after Musk’s probe, seeking information regarding certain financial data.

The potential investigation will escalate Musk’s battle with regulators as they scrutinize his social media posts and Tesla’s treatment of workers, including allegations of discrimination. discrimination.

Last week, Musk accused the SEC of harassing him and Tesla with an “endless” and “relentless” investigation to punish him for being an outspoken critic of the government.

Elon Musk’s November sale of shares was automated according to a trading plan he drew up on September 14, which shows a filing that discloses the sale of shares, including options. The stock is supposed to expire in 2022.

Tesla shares have fallen about 33 percent since Musk began selling billions of dollars worth of shares on November 8, days after a poll of 58 percent of voters asked him to sell.

Tesla and Kimbal Musk did not immediately respond to Reuters’ request for comment. An SEC spokesperson declined to comment.

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