Elon Musk faces allegations that he illegally sold $7.5 billion worth of equity in Tesla in the fourth quarter of 2022, knowing that the business would disappoint after promising investors an "epic end of year."
In a lawsuit filed with a Delaware court late last week, shareholder Michael Perry accused both the CEO of deliberately unloading nearly 45 million shares in advance of poor vehicle sales data to prevent an estimated 55% hit in value, and almost the entire board of collectively violating their responsibility of directors toward shareholders.
