Elon Musk and his brother are under investigation by the federal regulators on suspicion of insider trading, according to a report.
The Securities and Exchange Commission investigation is about a tweet Musk sent in November 2021, in which he asked his followers if he should sell Tesla stock, the Wall Street Journal reported.
One day before the tweet, Musk’s brother Kimbal Musk sold 88,500 Tesla shares, according to the Journal. Musk’s followers said he should sell, and he did. Tesla’s stock tumbled after the tweet.
Kimbal Musk also sits on Tesla’s board of directors
Elon Musk has been at odds with the SEC for several years. In 2018, Musk and the federal regulators settled a fraud case, and the oddball CEO responded by flaming the SEC online.
“Just want to (say) that the Shortseller Enrichment Commission is doing incredible work,” he tweeted at the time. “And the name change is so on point!”
