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
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.
SCOOP: SEC ramps up investigation into Tesla privatization plans; sends subpoenas to Tesla regarding privatization plans and Musk's statements involving "funding secured"--sources Subpoenas signal investigation has reached the "formal" stages -- sources more now @FoxBusiness
— Charles Gasparino (@CGasparino) August 15, 2018
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.