Tesla subpoenaed over Elon Musk tweets…again

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You’re here (TSLA) revealed in a quarterly regulatory filing on Monday that it had received a new subpoena from the SEC on June 13, related to “our governance processes regarding compliance with SEC regulations.” The settlement, which stripped Musk of his title as Tesla chairman while allowing him to remain CEO, came about due to Musk’s 2018 tweet that he had “secured funding” to take Tesla private.
The SEC claimed that despite talks with Saudi investors, Musk had not secured the necessary financing to take Tesla private. As part of that settlement, Musk agreed to that charge and also agreed to submit any tweet containing material investor information to other Tesla executives for approval before sending it.

Musk has been bitterly critical of the SEC since this settlement. At a TED talk earlier this year, Musk said he agreed to a settlement only because if he continued to fight the agency, Tesla’s banks would have cut off funding at a time when it needed it. of cash.

“I was forced [to lie] to save Tesla’s life and that’s the only reason,” Musk told the TED Talk in April.

He then compared the experience to someone pointing a gun at their child’s head.

Musk’s attorneys have also filed complaints with the federal judge overseeing the settlement, complaining that the SEC is trying to “chill its exercise of First Amendment rights” because Musk is a “vocal critic of the government.”
In addition to its investigation into Musk’s role at Tesla, the SEC examines his tweets about his efforts to buy Twitter (TWTR). The agency sent a letter to Musk on June 2 with questions about his tweets related to the takeover effort, including his tweets about the deal being suspended, according to a regulatory filing Thursday. The agency previously asked Musk in an April letter about his apparent delay in disclosing his significant Twitter stake.

Tesla previously disclosed a subpoena related to an SEC investigation into the settlement in November 2021. Tesla wrote in Monday’s filing that the company “regularly” cooperates with regulatory and government investigations, including subpoenas. . The SEC had no response to questions regarding its latest Tesla subpoena.

– Clare Duffy of CNN Business contributed to this report.

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