SEC Probes Tesla Stock Sales by Elon Musk and Brother Kimbal
- Regulator is looking into sales occurring last November
- Kimbal sold shares ahead of Elon Twitter poll on selling stake
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The Securities and Exchange Commission is investigating whether Tesla Inc. Chief Executive Officer Elon Musk and his brother Kimbal violated securities laws when selling shares in the company late last year, according to a person familiar with the matter.
The regulator’s probe is focused on transactions that took place just before Elon polled his Twitter followers asking if he should sell a 10% stake in the company. The SEC is looking into whether any insider trading rules were violated, said the person familiar with the matter, who asked not to be named because the probe is private.