Tesla CEO Elon Musk and his brother are under investigation for alleged insider trading
by Andrew J. Hawkins from The Verge - All Posts on (#5WFS5)
Photo by JIM WATSON/AFP via Getty Images The Securities and Exchange Commission is looking into whether recent stock sales by Tesla CEO Elon Musk and his brother Kimbal Musk potentially violated insider trading rules, according to The Wall Street Journal.
The investigation began late last year after Musk and his brother sold $108 million worth of Tesla shares, according to the Journal. That sale happened the day before Elon Musk polled his Twitter followers about whether he should sell 10 percent of his stake in the company - and promised to abide by the poll's results.
Elon Musk portrayed the stock sales as a way to cover any fees he would face if Congress imposed new taxes on unrealized capital gains. When the poll closed, 57.9 percent of more than 3.5 million participants...