Tesla faces continued legal battles as the company has revealed that it received a subpoena from a U.S. financial regulator last year.
The automaker shared that it received a subpoena from the Securities and Exchange Commission (SEC) on Friday, according to its 10-K filing reported by MarketWatch.
Tesla said in the filing that the subpoena was issued on November 16, 2021, over a 2018 tweet from CEO Elon Musk saying he had “funding secured” to take the company private.
In the 10-K filing, Tesla said, “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’s Elon Musk Makes Tracking His Private Jet Harder https://t.co/dtXQu4I74M
— TeslaNorth.com (@RealTeslaNorth) January 30, 2022
In a recent statement, Musk’s lawyer said he was being “entirely truthful” in the 2018 tweet, despite the SEC flagging the statement as fraudulent.
Shareholders of Tesla also said the tweet made the company’s shared volatile, directly resulting in the loss of billion dollars.
Over the past three months, Tesla’s stock has dropped 24.5 percent through Friday, with the overall S&P 500 index falling 4.2 percent in that time.
Musk is also facing a lawsuit over Tesla’s acquisition of SolarCity in 2016, which investors say constituted a bailout of the company founded by cousins of Musk’s.
At the time of writing on Monday, Tesla’s shares were trading at $917.02 (-$6.21), down 0.67 percent from market open.
