The SEC is probing both Musk and SpaceX.
According to The Wall Street Journal, Musk and his brother are being investigated for possibly violating insider trading rules.
Kimbal Musk sold $108 million worth of shares of his brother Musk's electric car company, just a day before Musk asked his followers if he should sell a bunch of his company's shares.
The SEC is suspicious of that. Musk told the WSJ that his brother didn't know he was going to launch the poll. He says thatTesla's lawyers were aware of it.
Musk's strained relationship with the regulators began in the year of 2018, when the billionaire CEO made a silly weed joke and suggested he had secured funding to take the company private.
The SEC sued Musk. Musk stepped down as chairman of the board.
Not much love has been lost between the two. Insider trading rules forbid employees and board members from trading on nonpublic information.
A law professor at the University of Michigan told the newspaper that proving insider trading would be a hard-fought question in court.
It isn't the first time a SEC investigation doesn't end with an accusation or a decision to enforce rules.
The SEC's investigations are nothing short of harassment to Musk.
I didn't start the fight, but I will finish it.
The Wall Street Journal reported that the SEC was probing trading by Musk and his brother.
More on Musk and the SEC.
Are you interested in supporting clean energy adoption? At UnderstandSolar.com, you can find out how much money you could save if you switched to solar power. Futurism.com may receive a small commission if you sign up through this link.
All Rights Reserved © 2024
