United States SEC Investigates Elon Musk & Brother Kimbal Musk for Violating Insider Trading Rules in Twitter Poll

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United States SEC Investigates Elon Musk & Brother Kimbal Musk for Violating Insider Trading Rules in Twitter Poll

26th February 2022 | Hong Kong

The United States Securities & Exchange Commission (SEC) has opened an investigation into Elon Musk & Brother Kimbal Musk for possibly violating insider trading rules involving Elon’s Musk twitter poll on the 6th of November 2021.  His brother Kimbal Musk who sits on Tesla Board, had sold $108 million of Tesla shares on the 5th of November 2021.  The next day on 6th November 2021, Elon Musk tweeted a poll to the public, if the public supported him to sell 10% of his stock in Tesla.  Tesla share price fell thereafter, and on 16th November 2021, the United States SEC issued a subpoena to Tesla requesting for additional financial information.  The current investigation is to determine if Kimbal Musk had sold his shares because Elon Musk had told him about the twitter poll in advance. 

” United States SEC Investigates Elon Musk & Brother Kimbal Musk for Violating Insider Trading Rules in Twitter Poll “

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Elon Musk, $280 Billion to $300 Billion Fortune

Elon Musk Sells 10% of Shareholdings after 57.9% of 3.5 Million Twitter Poll Supported His Action

In November 2021, Elon Musk began selling 10% of his Tesla shareholdings after 57.9% of 3.51 million twitter poll supported his move to sell Tesla shares and to pay tax on his earnings.  Elon Musk has tweeted “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.”  The poll ended on 7th November 2021, with 57.9% supporting his move to sell and 42.1% not supporting his move to sell.

In the week of announcement, Elon Musk has already sold $6.9 billion worth of his shareholdings in Tesla.  Elon Musk is the richest man in the world with a personal fortune of around $280 billion to $300 million.  Prior to the sale, Elon Musk owns about 23% of shareholdings in Tesla, which has a market capitalization of $1.02 trillion (12/11/21).

Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.

Do you support this?

— Elon Musk (@elonmusk) November 6, 2021

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