Former Tesla Motors Australia director pleads guilty to insider trading | ASIC

Former Tesla Motors Australia Pty Ltd (Tesla Australia) director Kurt Schlosser, of Sydney, New South Wales, has pleaded guilty at the Sydney Downing Centre Local Court to two counts of insider trading.

On 16 September 2020, Mr Schlosser acquired 86,478 shares in the mining company Piedmont Lithium Limited after being informed, in his role as country director of Tesla Australia, of inside information regarding an in-principle agreement that Tesla Australia’s ultimate holding company, Tesla Inc, had reached with Piedmont for the supply of lithium.

After information about the agreement became public and Piedmont’s share price rose, Mr Schlosser sold his Piedmont shares for a net profit of $28,883.53.

Source: Former Tesla Motors Australia director pleads guilty to insider trading | ASIC