SEC sends subpoena to Tesla over Elon Musk tweets

18 August, 2018, 18:40 | Author: Regina Silva
  • SEC reportedly subpoenas Tesla over Musk’s tweets

Musk stunned investors and sent Tesla's shares soaring 11% when he tweeted early last week that he was considering taking Tesla private at $420 per share and that he had secured funding for the potential deal.

The reason: Mr Musk's funding claims are alleged to have been of the misleading sort - something the SEC doesn't look kindly on. He also says that he was interrogated for two days and that two of his interrogators came to Tesla from Uber.

The Twitter post by Musk, who has considered taking Tesla private in the past, was something of a flip remark, said several people familiar with the matter but not authorized to speak publicly about the episode.

The SEC and Tesla declined to comment on the reports. It can take years for an investigation to yield any action, and some investigations do not result in any action.

The regulator requests information from each of the Tesla directors. Goldman Sachs on Wednesday suspended its ratings and price target for Tesla stock citing its role as an adviser.

PIF already holds about a 5% stake in Tesla, but is it in for a bigger share?

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The scope of the commission's investigation, which is being led by the San Francisco office, is unclear.

Tesla also told Business Insider that Tripp's claims are false and that he "does not even have personal knowledge about the safety claims that he is making".

In this Tweetstorm, Tripp accused the company of installing batteries with damaged cells into certain cars, listing the vehicle identification numbers of those cars.

Bloomberg said the deal would be among the first to be reviewed by US officials since President Donald Trump signed legislation on Monday to expand the Committee on Foreign Investment in the US' (CFIUS) authority to investigate and block foreign takeovers of American companies.

Over the past few months, there has been a war of words between the parties.

As announced, Musk plans to take Tesla private and shelter it from short sellers or shareholder public pressure.

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