SEC Investigates Elon & Kimbal Musk Over Potential Insider Trading
The SEC is flexing on Elon again, this time coming after him, and his brother Kimbal. The Wall Street Journal reported that the SEC is investigating whether or not sales of Tesla stock by Elon and his brother Kimbal violated insider trading laws. The sale under question comes from last November when Kimbal Musk unloaded shares totaling $108 Million a day before Elon took to Twitter (in absolutely stunning fashion) and posted an absolute blassic of a poll.
According to Elon, the sale was strictly made to cover any taxes incurred by potential unrealized capital gains, a proposition at the time that was thought to have some credence. The Twitter poll eventually found that 58% of the votes cast were in favor of Elon SELLING his 10% stake. SECURE THE BAG.
Ultimately, the outcome will ultimately depend on whether or not Kimbal had any knowledge of his brother’s eventual tweet that was forthcoming. I can’t imagine many legal parties garnering enough proof to hold up in a court of law, let alone the SEC (no offense Gary Gensler).
Tesla has come under heat recently, as the company had noted in their annual reported that they were subpoena’d by the SEC in regards to their “governance process around compliance.” The SEC is clearly out for blood when it comes to Elon Musk. Best of luck, though. That man is quite honestly untouchable. Btw he was also spotted at Kanye West’s Donda 2 Miami event.