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Tesla gets subpoenaed again by the SEC on Elon Musk’s 2018 tweet

FILE PHOTO: The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo

As a result of Elon Musk, the company’s CEO, tweeting in 2018 about taking the electric carmaker private, Tesla said on Monday that it has been served with a second subpoena by the SEC. In a filing, Tesla claimed to have obtained the subpoena on June 13. The corporation was first subpoenaed by the regulator in November in connection with a settlement that demanded that Musk’s tweets about crucial information be verified.

Tesla CEO Elon Musk recently asked Twitter followers whether he should sell 10% of his company to settle tax debts related to stock option grants. Days later, a subpoena was issued. The business said on Monday that it would work with the government’s authorities. The SEC chose not to respond. By allowing the business’s attorneys to pre-approve tweets containing critical information about the firm, Musk agreed to resolve a complaint brought by the regulator in 2018 over his go-private comments.

Musk challenged a judge’s decision not to terminate this 2018 deal with the SEC in June. The wealthiest man in the world, who describes himself as a “free speech absolutist,” claims that his “funding secured” tweet was genuine and compares himself to rapper Eminem in his attempt to get his 2018 settlement with the SEC thrown out.

In addition, Musk is preparing for a legal confrontation in a trial that is scheduled to start in October after Twitter sued him for withdrawing his $44 billion bid to purchase the social media business.

Additionally, Tesla said in the filing that it had incurred an impairment charge for the asset totaling $170 million and that it had changed about 75% of its bitcoin assets into fiat money. According to the petition, the fair market value of its digital assets as of June 30 was $222 million. Before the bell on Monday, shares of Tesla were up 1.5 percent at $829.11. Up to Friday’s closing price, the stock had lost over 23 percent of its value for the year.

Source: CNBC

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Written by Alex Bruno

Alex is a writer with a passion for space exploration and a penchant for satirical commentary. He has written extensively on the latest discoveries in astronomy and astrophysics, as well as the ongoing efforts to explore our solar system and beyond. In addition to his space-related work, Alex is also known for his satirical writing, which often takes a humorous and irreverent look at contemporary issues and events. His unique blend of science and humor has earned him a dedicated following and numerous accolades. When he's not writing, Alex can often be found stargazing with his telescope or honing his comedic skills at local open mic nights.

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