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(Bloomberg) — The Securities and Exchange Commission is investigating Tesla Inc. CEO Elon Musk and his brother Kimbal violated securities legislation by promoting the company’s inventory last year, according to a user familiar with the matter.
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The regulator’s investigation focuses on overdue transactions last year, just before Elon Musk surveyed his followers on Twitter to ask if he sold 10% of his stake in the company, sending Tesla shares plummeting. Street Journal focuses on whether insider trading rules were violated, said the user close to the case, who asked not to be identified because the investigation is private.
The SEC, Tesla, Elon Musk and Kimbal Musk did not respond to requests for comment.
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