Report: SEC Subpoenas Tesla About CEO’s Buyout Plans

August 15, 2018 6:31 pm

SAN FRANCISCO (AP) — The Wall Street Journal is reporting that government regulators have subpoenaed Tesla as they dig deeper into CEO Elon Musk’s recent disclosure about a potential buyout of the electric car maker.

The subpoena from the Securities and Exchange Commission demands information from each of Tesla’s nine directors. The Journal cited an unidentified person familiar with the matter. Fox Business News was the first to report the SEC’s action.

Both Tesla and the SEC declined to comment Wednesday.

The SEC opened an inquiry shortly after Musk surprised investors with an August 7 tweet revealing that he lined up the financing to buy all the Tesla stock from shareholders willing to sell.

The subpoena signals regulators have now opened a formal investigation into whether Musk was telling the truth in his tweet.

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