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takyon writes:

Tesla Is Said to Be Subpoenaed by S.E.C. Over Elon Musk Tweet (archive)

Federal securities regulators have served Tesla with a subpoena, according to a person familiar with the investigation, increasing pressure on the electric car company as it deals with the fallout from several recent actions by its chief executive, Elon Musk.

The subpoena, from the Securities and Exchange Commission, comes days after regulators began inquiring about an Aug. 7 Twitter post by Mr. Musk, in which he said he was considering converting Tesla to a private company. In the post, he said that the financing for such a transaction, which would probably run into the tens of billions of dollars, had been "secured."

Tesla shares, a popular target for so-called short sellers who bet on certain stocks losing value, soared about 11 percent on the day Mr. Musk posted the message.

It has become clear since then that neither Mr. Musk nor Tesla had actually lined up the necessary financing aside from having preliminary conversations with some investors.

Musk tweeted[*] that he wanted to take Tesla private at $420 a share. Azealia Banks claimed[**] to have been in Musk's home and witnessed Elon Musk tweeting while using LSD and making frantic calls to shore up funding for a take-private attempt. Maybe Azealia Banks will be called to testify by the SEC?

[*] The actual tweets:

Am considering taking Tesla private at $420. Funding secured.
9:48 AM - 7 Aug 2018

Shareholders could either to sell at 420 or hold shares & go private
11:13 AM - 7 Aug 2018

[**] Take Azealia Banks' words with a grain of salt.

Also at Ars Technica, CNBC, The Wall Street Journal, The Guardian, and Bloomberg.

See also: Goldman Sachs says it's advising Tesla
The Real-Life Consequences of Messing Around on Twitter

Previously: Elon Musk Considers Taking Tesla Private
Funding for Tesla to Go Private Could Come From Saudis; Lawsuits and SEC Scrutiny Increase

Original Submission

1. "takyon" - https://soylentnews.org/~takyon/
2. "Tesla Is Said to Be Subpoenaed by S.E.C. Over Elon Musk Tweet" - https://www.nytimes.com/2018/08/15/business/tesla-musk-sec-subpoena-goldman.html
3. "archive" - http://archive.is/ZRjQ4
4. "Tesla shares" - https://www.nytimes.com/2018/08/07/business/tesla-stock-elon-musk-private.html
5. "Azealia Banks claimed" - https://techcrunch.com/2018/08/13/rapper-azealia-banks-claims-to-have-the-inside-track-on-elon-musks-tesla-take-private-drama/
6. "Elon Musk" - https://gizmodo.com/elon-musk-responds-to-azealia-banks-claims-of-ghosting-1828310609
7. "tweets" - https://twitter.com/elonmusk/status/1026872652290379776
8. "Azealia Banks' words" - https://en.wikipedia.org/wiki/Azealia_Banks#Controversies
9. "Ars Technica" - https://arstechnica.com/cars/2018/08/a-huge-outlier-why-musks-buyout-tweet-could-get-him-in-legal-trouble/
10. "CNBC" - https://www.cnbc.com/2018/08/15/sec-has-reportedly-served-tesla-with-a-subpoena-after-elon-musks-take.html
11. "The Wall Street Journal" - https://www.wsj.com/articles/sec-sends-subpoena-to-tesla-in-probe-over-musk-tweets-1534366752
12. "The Guardian" - https://www.theguardian.com/technology/2018/aug/09/tesla-elon-musk-funding-secured-tweet
13. "Bloomberg" - https://www.bloomberg.com/news/articles/2018-08-15/tesla-drops-on-report-of-sec-subpoena-over-musk-go-private-plan
14. "Goldman Sachs says it's advising Tesla" - https://money.cnn.com/2018/08/15/investing/tesla-goldman-sachs-elon-musk/index.html
15. "The Real-Life Consequences of Messing Around on Twitter" - http://observer.com/2018/08/twitter-real-life-consequences-elon-musk-donald-trump/
16. "Elon Musk Considers Taking Tesla Private" - https://soylentnews.org/article.pl?sid=18/08/09/1410226
17. "Funding for Tesla to Go Private Could Come From Saudis; Lawsuits and SEC Scrutiny Increase" - https://soylentnews.org/article.pl?sid=18/08/13/2043231
18. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=28447

printed from SoylentNews, SEC Reportedly Subpoenas Tesla Over Take-Private Tweet on 2023-06-11 05:03:39