Tesla discloses SEC subpoena, to see if it is complying with settlement of previous investigation
Tesla Inc. disclosed that it has been subpoenaed by the Securities in Exchange Commission to see if the electric vehicle maker is in compliance with a settlement over its governance processes. The stock rose 0.7% in premarket trading. In Tesla's 2021 10-K annual report filed with the SEC late Friday, the company said the subpoena was issued on Nov. 16, 2021, and was related to the SEC investigation into then Chief Executive Elon Musk's tweet in 2018 that he had "funding secured" to take the company private. That investigation was settled in September 2018 and further clarified in April 2019. "More recently, on November 16, 2021, the SEC issued a subpoena to us seeking information on our governance processes around compliance with the SEC settlement, as amended," Tesla stated in the 10-K. The stock has tumbled 24.5% over the past three months through Friday, while the S&P 500 has slipped 4.2%.
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