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US regulators will spotlight Musk and his brother for selling Tesla shares

US regulators will spotlight Musk and his brother for selling Tesla shares

According to the sources, the investigation began last year when Kimbal Musk sold Tesla shares worth $108 million (CZK 2.4 billion). The sale took place the day before to Elon Musk to allow Twitter users to vote on the sale of ten percent of Tesla stock. Users voted for it, and then Tesla’s shares weakened significantly.

According to the Financial Times, Elon Musk denied previously telling his brother he intended to hold a vote. “The idea that I would like to know if my brother could make a few million dollars less from selling the shares when the Twitter vote devalued the shares I sold myself by billions of dollars is completely ridiculous,” he said. .

Tesla and Elon Musk recently accused the SEC, through their attorneys, of harassing them with endless investigations to punish Musk for publicly criticizing the government.

The allegations were part of a letter that attorney Alex Spiro sent to Judge Alison Nathan. In 2018, it agreed to a deal to settle allegations by the Securities and Exchange Commission that Musk committed fraud with its statements about plans to pull Tesla from the exchange.

In the letter, Spiro said that Musk and Tesla expected the settlement agreement to end the SEC’s harassment. “But the SEC has reneged on its promises,” he added. “The SEC appears to be persistently targeting Mr. Musick and Tesla primarily because Mr. Musk remains an outspoken critic of the government,” he wrote.