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Report: SEC Subpoenas Tesla Over Elon Musk’s Tweets

The Tesla CEO tweeted last week that he had the “funding secured” to take the company private.

The Securities Exchange Commission has subpoenaed Tesla after CEO Elon Musk tweeted last week that he had the “funding secured” to take the company private at $420 per share. That number was about 20 percent higher than what the stock was trading at earlier that day. A source told The Wall Street Journal that the SEC is looking for information from Tesla’s directors, but it’s unclear what specific information they’re seeking. The subpoena is an escalation of the already ongoing probe into whether Musk was truthful in his tweet. SEC officials asked Tesla about the tweet a week ago. Musk said in a blog post Monday that he was in discussions with the Public Investment Fund of Saudi Arabia about taking the company private.