US SEC probing Elon Musk; Is Elon building a counter case against SEC?   

The U.S. Securities and Exchange Commission is investigating whether recent stock sales by Tesla CEO Elon Musk and his brother Kimbal Musk “violated insider trading rules”.

This move has come just a day after Musk admitted that he is building a case against the federal agency.

As per reports, the probe began in 2021 after Elon’s brother Kimbal sold shares of Tesla worth $108 million, a day before Musk did a Twitter poll where he asked whether he should offload 10% of his stake in the company.

Last week, Tesla Chief alleged that the SEC is harassing him and Tesla with an endless investigation. He believes that the commission is doing this to him for being an outspoken critic of the government. However, there is no statement being made by the SEC.

Elon Musk has been very outspoken against SEC. Back in 2018, SEC filed a case against Tesla Chief for his “funding secured” comment. He claimed that the agency was working for people shorting the electric automaker.

Tesla’s shares are down about 33% since Musk began selling billions of dollars worth of shares on November 8. 58% of the voters asked Elon to sell his share.

Read more stories