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Tesla

US Securities and Exchange Commission ‘subpoenas Tesla over Elon Musk’s tweets’

Subpoenas typically indicate the commission has opened a formal investigation into a matter; Tesla’s shares fell 4 per cent

PUBLISHED : Thursday, 16 August, 2018, 12:05am
UPDATED : Thursday, 16 August, 2018, 1:50am

The US Securities and Exchange Commission has sent subpoenas to Tesla regarding CEO Elon Musk’s plans to take the company private and his statement that funding was “secured,” Fox Business Network tweeted on Wednesday, citing sources.

Subpoenas typically indicate the SEC has opened a formal investigation into a matter. The electric car maker’s shares fell 4 per cent to US$333.33.

Tesla and the SEC declined to comment.

Musk said on Twitter early last week he was considering taking Tesla private at US$420 per share.

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