One Tesla shareholder filed suit against CEO Elon Musk, alleging that he had committed insider trading by selling shares just before production took a downturn.
Michael Perry filed the lawsuit in regard to Musk selling his shares in November and December of 2022. During that fourth quarter, Tesla delivered over 405,000 cars, which represented a growth of 40% year over year, despite a dip in November.
However, Perry alleges that Musk would have lost 45% of his share value had he sold after the November production and delivery data became public. Share prices went down beginning around Nov. 4 when they were over $228 per share, down to just over $113 by that next January until it increased again.
Perry filed his suit in Delaware’s over 220-year-old Court of Chancery. On its website, it describes itself “as the nation’s preeminent forum for the determination of disputes…
