Elon Musk in the FSA’s spotlight for share sales

Finanstilsynet (SEC) is investigating whether recent share sales of Tesla’s CEO Elon Musk and his brother, Kimbal Musk, have broken rules for insider trading, according to the Wall Street Journal.

The SEC’s investigation began last year after Elon Musk’s brother sold shares in Tesla worth $ 108 million. The share sale took place the day before Elon Musk asked his Twitter followers if he would sell 10 percent of his stake in Tesla, and promised to follow up on the result of the vote. Elon Musk said that the sale of shares would be carried out to provide him with liquidity if new taxes were to be introduced on unrealized capital gains. Elon Musk himself began selling billions of dollars worth of shares a few days after his tweet.

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