Elon Musk and the Tesla board are facing a shareholder suit over his sale of $7.5 billion worth of Tesla shares in late 2022, ahead of a January 2023 sales report that sent the price of the stock plunging.
Musk sold a total of 41.5 million shares of Tesla stock between November 4 and December 12, according to company filings.NEW YORK --
But when Tesla reported fourth-quarter sales, they were far weaker than forecast, and that sent stocks down 12%, the worst day of trading for the stock in more than two years. And in April of last year, Musk bragged about the up-to-the-minute sales data that Tesla has, compared to automakers that sell their vehicles to a network of independent dealerships rather than directly to customers.
His sales in November and December of 2022, along with the price cuts in China, helped to push down the price of Tesla shares even before the January sales report. His sale on November 4 2022 came at an average price of $208.58, according to filings with the Securities and Exchange Commission. His final sales of this group, on December 14, came at an average price that day of $158.37.
Tesla Stock Billion Shares Weak Sales Report Timely 14917474
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