SEC reportedly probes Tesla CEO Elon Musk and brother over recent stock sales

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Elon Musk, Founder and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

The Securities and Exchange Commission is investigating whether recent stock sales by Tesla CEO Elon Musk and his brother Kimbal Musk violated insider trading rules, the Wall Street Journal reported Thursday, citing people familiar with the matter.

The SEC probe reportedly began last year and focuses on Kimbal Musk’s stock sales that occurred one day before Elon asked his tens of millions of Twitter followers to vote in an informal poll, telling them their vote would determine the future of his Tesla holdings.

Kimbal Musk sold around $109 million worth of his shares, according to filings.

Representatives from the SEC didn’t immediately respond to a request for comment.

Read the full report from the Journal here.

This story is developing. Check back for updates.

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