Tesla (NASDAQ: TSLA) continues to be in hot water as a result of the actions of Elon Musk. The firm this morning in filing its 10-K indicated that it has again been subpoenaed by the Securities and Exchange Commission.
The latest subpoena is in relation to a 2018 settlement entered with Tesla related to Musk’s now infamous “420 tweet,” in which he claimed to be considering taking the company private. The firm has reportedly been in contact with the agency as the SEC seeks “information on [Tesla’s] governance processes around compliance with the SEC settlement.”
While the firm indicated that the subpoena was issued on November 16, further details related to the communication were not provided by the company. However, as Bloomberg highlights, ten days prior to the subpoena Musk launched a Twitter poll to have his followers vote on whether he should sell 10% of his stake in the company.
Despite the settlement in place with the SEC, in an ongoing shareholder court battle related to the statements made in 2018 about going private Musk;s lawyers maintained that his consideration was “entirely truthful.”
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Tesla last traded at $923.32 on the Nasdaq.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
