SEC Subpoenas Tesla Seeking Information Linked to Elon Musk Settlement
A Tesla dealership in Colma, Calif.
Photo:
David Paul Morris/Bloomberg News
The Securities and Exchange Commission has subpoenaed
Tesla Inc.
for information about compliance with a court-ordered settlement requiring a company lawyer to preapprove certain of
Elon Musk’s
tweets.
Tesla said in a regulatory filing made public Monday that the SEC is seeking information on “governance processes around compliance” with a settlement related to Mr. Musk’s 2018 tweet claiming to have secured funding to potentially take the electric-vehicle maker private.
Mr. Musk paid $20 million to settle an SEC enforcement action alleging that he committed fraud by tweeting about a potential buyout and agreed to have his social media posts and other public statements overseen by a Tesla lawyer. He also agreed to relinquish his role as company chairman.
Tesla said in the securities filing that the SEC issued the subpoena on Nov. 16.
Tesla didn’t immediately respond to a request for comment. The SEC declined to comment.
Write to Rebecca Elliott at rebecca.elliott@wsj.com
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