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Electric carmaker Tesla (TSLA) disclosed in its quarterly regulatory filing Monday that it received a second subpoena from the SEC on June 13 over tweets in 2018 from CEO Elon Musk about taking the $835 billion company private. Tesla said it will cooperate with the regulator.
The subpoena is related to a settlement from November that stripped Musk of his chairman title. Musk came under scrutiny after he posted on Twitter that funding was “secured” to take Tesla private.
Am considering taking Tesla private at $420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
As part of the settlement, Musk agreed to allow Tesla’s legal team to pre-approve any tweets about the company.
The SEC appears to want assurance that Musk and Tesla are following the terms of the settlement.
“The SEC issued subpoenas to us seeking information on our governance processes around compliance with the SEC settlement, as amended,” the filing from Tesla reads.
Musk has found himself involved in other legal troubles with the regulator. The SEC has asked Musk for more information on his tweet related to his attempted acquisition of Twitter. On July 12, Twitter sued Musk to hold him to his $44 billion bid for the social media company.
The trial is set for October.
On Monday, shares of Tesla closed at $805.30, down $11.43, or 1.4%.
Tesla CEO Elon Musk said the company liquidated about 75 percent of its bitcoin holdings because of the uncertainty of when Shanghai operations would return
Photo: AFP / Odd ANDERSEN
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