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Article: Musk Stock Sale Ahead of Bad Tesla News 'Should Be of Great Interest to the SEC'
Musk Stock Sale Ahead of Bad Tesla News 'Should Be of Great Interest to the SEC'
"Experts said Friday that Elon Musk's large sale of Tesla shares shortly before the company announced lower-than-expected vehicle deliveries should draw scrutiny from the U.S. Securities and Exchange Commission, an agency that has previously investigated and charged the billionaire for fraud.
The Wall Street Journal reported Friday that earlier this month, "Tesla announced fourth-quarter vehicle deliveries that were significantly below the company’s most recent forecast to investors. The news sent Tesla's stock price plunging when markets opened the next day."
Just weeks before the company's announcement, Musk sold roughly $3.6 billion worth of Tesla stock, raising questions over whether the Tesla CEO unlawfully took advantage of material nonpublic information.
James Cox, a securities law professor at Duke University, told the Journal that Musk's stock sale "should be of great interest to the SEC."
"The issue here is, what did he know and what was the market anticipating when he sold? That's a critical moment," said Cox."
Musk Stock Sale Ahead of Bad Tesla News 'Should Be of Great Interest to the SEC'
Experts said Friday that Elon Musk's large sale of Tesla shares shortly before the company announced lower-than-expected vehicle deliveries should draw scrutiny from the U.S. Securities and Exchange Commission, an agency that has previously investigated and charged the billionaire for fraud.