Elon Musk faces alle­ga­tions of insid­er trad­ing by Tes­la share­hold­er in law­suit

Elon Musk faces allegations of insider trading by Tesla shareholder in lawsuit

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 involv­ing the inter­nal affairs” …