Billionaire Faces Legal Heat Ahead of Key Shareholder Vote
Tesla CEO Elon Musk is in hot water again ⚖️ after a shareholder lawsuit alleges he sold $7.5B in Tesla stock using insider knowledge ahead of disappointing 2022 production numbers. The Delaware Chancery Court filing claims Musk knew about slipping demand before cashing out—and made $3B extra by timing his sales perfectly.
🚗 The drama centers on November-December 2022 stock sales that came just weeks before Tesla revealed lower-than-expected Q4 vehicle deliveries. Share prices promptly dropped 55%, according to plaintiff Michael Perry’s claims.
‘Disney villain-level timing?’ 😮 The lawsuit argues Musk breached his fiduciary duties as CEO—a recurring theme in his chaotic 2022 that included the Twitter/X buyout mess. Tesla directors also get heat for allegedly letting it happen.
More Legal Storms Ahead
June 13 could be D-Day 💥 as shareholders vote on reinstating Musk’s controversial $56B pay package—already blocked by a Delaware judge earlier this year. With SEC probes into his Twitter stock moves and other pending lawsuits, it’s another rollercoaster week for the world’s most meme-able CEO.
