Billionaire would have discovered that the automaker would present lower-than-expected numbers in the 4th quarter of 2022 and sold shares before the results were released

A Tesla shareholder filed a lawsuit in the Court of Chancery of Delaware on Thursday (May 30, 2024) against the billionaire and owner of the automaker, Elon Musk, for alleged abuse of information. The information is from Reuters.

According to Michael Perry, Musk discovered that the company would present lower-than-expected numbers in the balance sheet for the 4th quarter of 2022. As a result, he sold US$7.5 billion (R$39.3 billion) in the automaker’s shares before the results were released. , published in January 2023.

“If he [Musk] Had he waited to make these sales after the release of material adverse news, his sales would have yielded him less than 55% of the proceeds.”states the minority shareholder in the process.

In the action, Perry asks that the billionaire be forced to return to Tesla the profit obtained from the sales of shares, allegedly used to purchase X (formerly Twitter). The shareholder also accuses the automaker’s directors of violating their fiduciary duty by allowing Musk to sell the shares.


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