SEC blames Musk And His Brother For Insider Trading
The US Securities and Exchange Commission and Elon Musk have been at odds for a long time. The boss of Tesla and SpaceX is accused of wrongly influencing the price through, among other things, Twitter messages. Now the SEC is making particularly serious allegations. The US Securities and Exchange Commission (SEC) is responsible for overseeing stock exchange trading and is considered a particularly powerful authority.
Because she is responsible for checking that everything is going well there, she oversees the foundation of the economy. But now the SEC, which has taken a confrontational course with Musk several times, is making serious allegations against the world’s richest person that Tesla’s Chief Executive Officer Elon Musk and his brother Kimbal Musk “violated insider trading.” Rules”.
Did Elon Musk Warn His Brother?
According to a report by Wall Street Journal, The SEC investigation began last year after Kimbal Musk sold $108 million worth of Tesla stock. Indeed, the timing of the sale was unusual or remarkable, as a day after the sale, Musk asked his followers on Twitter if he should divest 10 percent of his shares. The look and timing of the sale are indeed striking:
Since Musk announced it was going to sell shares worth several billion dollars, the Tesla price has lost about a third of its value. Musk told the Financial Times via email that his brother knew nothing beforehand and that his lawyers had been informed. The SEC began the investigation a few days after the Twitter poll. This investigation is sure to exacerbate the already tense situation between the SEC and Musk. Because last week, the Tesla boss accused the SEC of harassing him and Tesla with an “endless” and “ruthless” investigation to punish him for his open criticism of the government.
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