Tech

SEC opens investigation of Elon Musk on possible insider trading


Elon Musk won’t catching up with expectations from the SEC anytime soon. Sources for The Wall Street Journal request The SEC is investigating whether Musk and his brother Kimbal violated insider trading regulations with the recent stock sale. Officials are concerned Elon may have told Kimbal that he intends ask Twitter followers about the Tesla stock sale, prompting the brother to sell 88,500 shares just a day before the Nov. 6 tweet. If so, the company director may have violated rules that prohibit employees from dealing with non-disclosure of information.

Kimbal Musk regularly trades Tesla stock on a regular basis according to a plan. He didn’t on November 5th, according to the SEC submit.

We have asked the SEC for comment. Tesla could not be reached for comment because it disbanded its communications team in 2020. However, Musk is clearly not on Committee-friendly terms. he say a day earlier that he was “going to end” a fight he believed the SEC had started.

If the report is accurate, the investigation will add strain to the years-long feud. It started in 2018, when the SEC took action against Musk over tweets about taking the company private. While Musk agree to a settlement including approval requirements for any financial-related social media posts, it’s not the end of the battle between the two. SEC has been review Musk’s tweets over the past few years because of concerns that tweets related to production were not approved and just a few days ago Tesla subpoena for information on EV manufacturers’ procedures for respecting the 2018 settlement.

At the same time, Musk has publicly protested to the SEC. This year, he accused the regulator of carrying out a “harassment campaign” that got him unjustly removed and not allowed to be monitored by the courts. SEC denied the accusations. Whatever the truth behind those claims, it’s safe to say Musk won’t welcome any new investigation with open arms.

All products recommended by Engadget are handpicked by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.





Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button