Tesla (TSLA) Subpoenaed by SEC

Tesla (NASDAQ: TSLA) said Monday that the company has been subpoenaed by the SEC to see if the electric vehicle maker has complied with a settlement over its governance processes. Tesla said the subpoena was related to the SEC investigation into CEO Elon Musk's tweet in 2018 that he had "funding secured" to take the company private.

In 2018, Musk settled a lawsuit by the SEC over his tweet on taking the company private, agreeing to have the company's lawyers pre-approve tweets with material information about the company. However, in December, the company was hit with a lawsuit concerning Musk’s social media posts including his Twitter poll on stock sales that pulled down its stock prices.

As part of the settlement, Musk stepped down as chairman of the board. Both Tesla and Musk paid a penalty of $20M each.

Last week, Musk said in a court filing that his tweet posted in 2018 saying funding was secured to take Tesla private in a $72 billion transaction was "entirely truthful."

By Michael Elkins | Mi[email protected]

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