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Reuters

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
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— Charles Gasparino (@CGasparino) August 15, 2018

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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.

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

Tesla CEO Elon Musk in 2015. Photo: David Paul Morris/Bloomberg

SEC review of Musk’s tweets on taking Tesla private likely to focus on truthfulness

Trading in Tesla suspended after Elon Musk tweets plan to go private

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Tesla hasn’t disclosed any sources of financing for the deal and no one has stepped forward publicly to say they’re backing the plan.

US regulators are likely to focus on whether Elon Musk was telling the truth when he said on Twitter that he’d secured funding to take electric-carmaker Tesla private. Photo: AFP

Regulators step in after bombshell announcement sent shares up 7 per cent

FILE PHOTO: FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S. June 28, 2018. REUTERS/Mike Blake - RC1488D3EED0/File Photo/File Photo

FILE PHOTO: Tesla CEO Elon Musk unveils the Roadster 2 during a presentation in Hawthorne, California, U.S., November 16, 2017. Tesla/Handout via REUTERS/File Photo ATTENTION EDITORS THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO ARCHIVES. NO RESALES

Tesla CEO Elon Musk last month. Trading in the company's shares was suspended mid-afternoon following Musk's suggestion that it could go private. Photo: AFP

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