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Tesla CEO Elon Musk is facing a lawsuit alleging he illegally sold $7.5 billion worth of company stock in the fourth quarter of 2022, knowing that the business would disappoint investors after promising an “epic end of year.”that in a lawsuit filed with a Delaware court last week, shareholder Michael Perry accused Musk of deliberately unloading nearly 45 million shares in advance of poor vehicle sales data to prevent an estimated 55 percent hit in share value.
“By disposing of $7,530,113,926 worth of Tesla stock in November and December 2022 while he was in possession of adverse, material non-public information, E. Musk exploited his position at Tesla, and he breached his fiduciary duties to Tesla,” the lawsuit claims, adding other directors were both “knowing and culpable” as well.
Perry is asking for Musk’s alleged illegal gains, estimated at $3 billion, to be returned to the company via disgorgement. He is also seeking damages from all eight directors at the time for their “reckless disregard.”
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