SEC subpoenas Tesla about CEO's buyout plans

SEC subpoenas Tesla about CEO's buyout plans

SEC subpoenas Tesla about CEO's buyout plans

Tesla's stock fell as much as 4% after reports that USA regulators had sent the company subpoenas as they ramp up investigations into its plans to go private.

The heightened scrutiny would complicate any deal for Musk amid reports his "funding secured" tweet last week has resulted in a subpoena from the US Securities and Exchange Commission (SEC) over potentially misleading investors. The tweet sent the shares 10 per cent higher before they were temporarily suspended.

Musk had also tweeted on Monday that Goldman Sachs Group Inc. and Silver Lake would act as financial advisers, but neither had officially signed on at that point, said people familiar with the matter.

Meanwhile, Tesla's board has formed a three-person committee to assess a potential buyout by Musk while leaving the door open for other offers, too.

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The concern is whether Musk indeed had "funding secured" for a private takeover bid as his Tweet said, and how secure that funding may have been.

Both Tesla and the SEC declined to comment on Wednesday.

Tesla may face potential regulatory challenges beyond the SEC investigation. Even before Musk's message on August 7, the SEC had been inquiring about issues at Tesla.

In June Tesla sued Tripp for alleging that he hacked the company and transferred secret information to third parties.

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Tesla Inc shares fell $0.76 (-0.22%) in premarket trading Thursday.

In this Tweetstorm, Tripp accused the company of installing batteries with damaged cells into certain cars, listing the vehicle identification numbers of those cars. Their first new rule for Musk?

According to Business Insider (BI), although Japan's SoftBank was, according to Musk, one of several entities that had approached him about taking Tesla private, the focus has been on the PIF.

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