Tesla shareholder Michael Perry filed a lawsuit against Elon Musk, accusing him of insider trading. He claims that Musk sold $7.5 billion worth of stock while having information about low production figures that he hid from shareholders.
Insider Lawsuit
Accusations Against CEO
Tesla shareholder Michael Perry has initiated a lawsuit against Elon Musk, the chief executive officer companies According to the lawsuit filed in Delaware Chancery Court, the billionaire is accused of improper insider trading. Perry claims Musk sold more than $7.5 billion worth of his own stock ahead of the release of potentially weak car production and delivery figures.
Hiding information from shareholders
Even though Musk had access to the real numbers real-time performance, he assured shareholders that demand for Tesla's electric vehicles remains strong. However, the company's stock price plummeted after the release of the fourth quarter of last year, which the plaintiff says allowed Musk to make about $3 billion in ill-gotten gains from his insider trading.
Accusations by Tesla directors
The lawsuit says that Tesla directors were also aware of the situation , but allowed Musk to sell shares in the company. Perry believes they breached their duties by authorizing these operations. Musk is known to have sold shares on various dates in November and December 2022.
AI chips diverted from Tesla to X
Another piece of controversial news that could irritate Tesla investors concerns the diversion of thousands of AI chips from Tesla to company X, which is also headed by Musk. Despite Musk's earlier promises to make Tesla cars fully autonomous, he allegedly exaggerated the volume of purchases of Nvidia's H100 chips for Tesla. Instead, a significant portion of these processors are aimed at the needs of X, specifically its AI research subsidiary, xAI.
Glossary
- Tesla is an American company specializing in the production of electric vehicles and energy products.
- Elon Musk is the founder of Tesla, SpaceX and The Boring Company, a billionaire and technology entrepreneur.
- X is the parent company of Twitter, which was acquired by Elon Musk in 2022.
- xAI is a subsidiary of X, engaged in research in the field of artificial intelligence.
- Nvidia is an American company that produces graphics processors and AI-based systems.
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Discussion of the topic – A Tesla shareholder accuses Musk of illegally selling shares worth $7.5 billion
Tesla shareholder Michael Perry filed a lawsuit in Delaware Chancery Court against the company's CEO Elon Musk, accusing him of insider trading. Perry claims Musk sold more than $7.5 billion worth of stock before the potentially disappointing numbers were released.
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Андрій
I wonder how Musk will respond to the shareholder's lawsuit? 😕 Looks like he's on the hot potato again with his Tesla stock manipulation. But all is not lost yet, he is known for his charisma and ability to create a wave of positive news.
Наталія
I don't understand why he just wasn't honest with the investors about the actual performance of the company? 🤔 After all, hiding important information and insider trading is a serious violation that can undermine trust in Tesla.
Олег
Musk has always been guided by emotions and self-confidence, not by common sense. This lawsuit proves that he can no longer do whatever he wants. 😕 Shareholders demand greater transparency and responsibility from him.
Жанна
I love Tesla and their innovation, but Musk has disappointed me with his actions lately. 😔 First the acquisition of Twitter for a huge sum and now these allegations of insider trading. It seems to me that he has become too focused on his own ambitions and not on the interests of the company.
Григорій
Hmm, all this news about Tesla and Musk's legal troubles is not the best advertisement for the company. 🙄 They can easily turn away potential buyers who will now think twice before buying their cars. Musk may have already taken on too much.
Роман
What nonsense are all these lawsuits and accusations? 😡 Musk is a genius who creates the future. Shouldn't we be grateful to him for moving progress forward? The shareholders are just envious people who want to take money from him.
Ганна
I don't understand why Musk decided to redirect Tesla's resources to X and its subsidiaries. 🤨 The development of autonomous driving is a key priority for Tesla, and this could seriously harm their plans.
Іван
Unfortunately, these scandals surrounding Musk and Tesla have become commonplace. 😔 But I hope they can overcome these difficulties and focus on their ambitious goals in the field of electric cars and AI. Ultimately, their innovations will have a huge impact on the future.