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Elon’s Muck: Sued for Insider Trading

Posted June 03, 2024

Matt Insley

By Matt Insley

Elon’s Muck: Sued for Insider Trading

As Alexander Laska of the Third Wave think tank reminds, the federal money “comes with dozens of rules.”

Not least among them: “State departments of transportation need to coordinate with utilities to make sure there’s enough electricity to service those stations,” Mr. Laska says.

Umm, yes… 

On the other hand? “The private sector is already building out a nationwide EV charging network that will be available to most drivers,” Reason reports.

Tesla, for instance, accounts for two-thirds of all public EV chargers in the U.S.

“In the 2025 model year, most major automakers' EVs will use the same charge port as Teslas and be able to access the Supercharger network,” Reason adds.

Granted, Tesla has been the recipient of federal, state and local largesse over the years — somewhere in the range of $2.8 billion in subsidies.

But getting back to the federal initiative, we won’t bury the lede any longer…

Almost three years after the Infrastructure Investment and Jobs Act was signed into law… a sum total of eight chargers are in operation.

When pressed about the holdup, a spokesperson for the National Electric Vehicle Infrastructure (NEVI) program — responsible for $5 billion of the $7.5 billion total — said: “We want to get it right.”

Eight chargers in about three years? That goes well beyond wanting to get it right. 

And regardless of Tesla’s chargers beating Team Biden’s pitiful efforts, there’s trouble at Tesla HQ… 

Send your opinions to, feedback@newsyoucanacton.com

Your Rundown for Monday, June 3, 2024...

Tesla Troubles 

On Thursday, Tesla CEO Elon Musk was hit with a lawsuit filed by shareholder Michael Perry in the Delaware Chancery Court. 

The lawsuit alleges insider trading, claiming Musk sold around $7.5 billion worth of Tesla shares in late 2022 before disappointing production and delivery numbers were made public.

According to the lawsuit, Tesla's stock experienced a significant decline after the company's fourth-quarter numbers were released on January 2, 2023. 

Perry claims Musk “improperly benefited” from these trades — to the tune of $3 billion in insider profits. The lawsuit also states that Musk exploited his position at Tesla and breached his fiduciary duties.

The lawsuit further alleges that Musk, who had previously stated that demand for Tesla vehicles was “excellent,” learned about the underwhelming production and delivery numbers in mid-November through his access to real-time data. 

Subsequently, he sold his shares before this information became public knowledge. 

When Tesla announced vehicle-price discounts and released data in January, analysts raised concerns about the company's demand, leading to a drop in Tesla's stock price.

The lawsuit seeks an order from the court instructing Musk to return the profits he made from these trades. It also accuses Tesla's directors of wrongdoing by allowing Musk to sell the shares.

In addition to the insider trading lawsuit, Musk is facing other legal challenges, including an SEC probe into his acquisition of Twitter (rebranded as X) plus a separate shareholder lawsuit accusing him of defrauding X investors by delaying the disclosure of his stake in the social media platform. 

More trouble at Tesla? 

Musk’s compensation proposal — a staggering $51 billion — has been raising eyebrows among TSLA shareholders (and the judicial system) since 2018. 

Two shareholder advisory firms are still encouraging shareholders to vote against the multi-billion package which will be put to a revote on June 13. 

We’ll find out more in 10 days… 

Market Rundown for Monday, June 3, 2024

The S&P 500 is up 0.35% to 5,295. 

Oil is down 0.75% to $76.39 for a barrel of WTI. 

Gold is up 0.35% to $2,354.30 per ounce. 

And Bitcoin’s rallying today: up 3.30%, just under $70,000. 

Send your comments and questions to, feedback@newsyoucanacton.com

P.S. Donald J. Trump was found guilty on 34 felony charges late last week. 

According to Paradigm’s former White House adviser Jim Rickards, it’s part of a pattern that’s weaponized the judicial system against Trump since 2016. 

I sat down for an interview with Jim hours after the guilty verdict… 

Click here to learn more

He gave his unvarnished opinion on the conviction, and where the country goes from here. 

You may or may not agree with Jim — but with decades of experience in D.C. and beyond — you’ll want to give him a fair hearing. 

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