Tesla's Elon Musk and his brother are being probed by the SEC for potential insider trading violations
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The SEC is reported to be investigating stock sales by Tesla (TSLA
+1.7%) Chief Executive Officer Elon Musk and board member Kimbal Musk to see if insider trading rules were violated.
Sources tell The Wall Street Journal that the SEC started the investigation last year after Kimbal Musk sold shares of Tesla valued at $108M one day before Elon Musk posted a Twitter user poll asking whether he should unload 10% of his stake in Tesla.
Shares of Tesla (NASDAQ:TSLA) fell sharply after the tweet and potential stock sales were viewed as negative factors for the stock. Elon Musk carried through with his sales in order to help pay off a tax obligation tied to options being exercised.
Yesterday, Elon Musk told CNBC that he was greatly encouraged by the Justice Department investigating short sellers.
Earlier today: Tesla slides to six-month low after Russia attacks Ukraine