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Tesla subpoenaed over Elon Musk's tweets ... again-The SEC is still investigation Musk
Musk pretended to take Tesla private back in 2018 and the SEC fined both Tesla and Musk $20 million and barred Mush from being chairman on the board of Tesla. For most people, this would get your notice and you would try to obey the law. Musk blatantly violated Section 13D in not reporting when he had more than 5% of Twitter stock and that violation is apparently being investigated.
Here is a new SEC investigation
Link to tweet
https://www.cnn.com/2022/07/25/investing/elon-musk-tesla-sec-subpoena/index.html?utm_medium=social&utm_term=link&utm_content=2022-07-26T03%3A00%3A09&utm_source=twCNN
The Securities and Exchange Commission apparently isn't done with Elon Musk and his tweets quite yet.
Tesla (TSLA) disclosed in a quarterly regulatory filing Monday that it received a new subpoena from the SEC on June 13, related to "our governance processes around compliance with the SEC settlement." That settlement, which stripped Musk of his title as chairman of Tesla while allowing him to remain as CEO, came because of Musk's 2018 tweet that he had "funding secured" to take Tesla private.
The SEC charged that despite discussions with Saudi investors, Musk did not have the funding secured to take Tesla private. As part of that settlement, Musk agreed to the charge and also agreed to submit any future tweets containing information that could be material to investors to other executives at Tesla for approval.......
In addition to its investigation of Musk's role at Tesla, the SEC is looking into his tweets about his effort to buy Twitter (TWTR). The agency sent a letter to Musk on June 2 with questions about his tweets related to the buyout effort, including his those about the deal being paused, according a Thursday regulatory filing. The agency had already questioned Musk in an April letter about his apparent delay in disclosing his large ownership stake in Twitter.
Tesla had previously disclosed a subpoena related to an SEC probe of the settlement in November 2021. Tesla wrote in the Monday filing that the company "routinely" cooperates with regulatory and governmental probes, including subpoenas. The SEC did not have a response to questions about its latest subpoena to Tesla.
Tesla (TSLA) disclosed in a quarterly regulatory filing Monday that it received a new subpoena from the SEC on June 13, related to "our governance processes around compliance with the SEC settlement." That settlement, which stripped Musk of his title as chairman of Tesla while allowing him to remain as CEO, came because of Musk's 2018 tweet that he had "funding secured" to take Tesla private.
The SEC charged that despite discussions with Saudi investors, Musk did not have the funding secured to take Tesla private. As part of that settlement, Musk agreed to the charge and also agreed to submit any future tweets containing information that could be material to investors to other executives at Tesla for approval.......
In addition to its investigation of Musk's role at Tesla, the SEC is looking into his tweets about his effort to buy Twitter (TWTR). The agency sent a letter to Musk on June 2 with questions about his tweets related to the buyout effort, including his those about the deal being paused, according a Thursday regulatory filing. The agency had already questioned Musk in an April letter about his apparent delay in disclosing his large ownership stake in Twitter.
Tesla had previously disclosed a subpoena related to an SEC probe of the settlement in November 2021. Tesla wrote in the Monday filing that the company "routinely" cooperates with regulatory and governmental probes, including subpoenas. The SEC did not have a response to questions about its latest subpoena to Tesla.