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Tesla Waits Two Months to Disclose New SEC Subpoena
Electric car maker reveals regulators are once again looking into Elon Musk’s tweets.
February 7, 2022
Tesla (TSLA) disclosed the SEC is once again probing CEO Elon Musk’s tweets. In its latest 10-K, Tesla reminded investors of a prior SEC subpoena related to Musk’s statement about taking Tesla private. Musk and Tesla each paid $20 million to resolve the matter and the company promised to vet any Musk tweets deemed to be material to Tesla. The most recent annual report revealed the SEC is once again looking into the matter:
“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 had multiple opportunities to disclose the subpoena prior to its annual report. The company filed three 8-Ks since receiving the subpoena, announced fourth quarter production and delivery results January 2nd, and announced fourth quarter and full year 2021 results January 26th.
In the weeks prior to receiving the subpoena, Musk routinely tweeted about selling Tesla stock after taking a poll on the matter. Musk sold more than $16 billion Tesla shares, or approximately 10% as promised in the poll.
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