Musk got into trouble on social media tesla disclosed receiving a SEC subpoena

According to Tesla's latest disclosed information, Tesla CEO Musk, who often creates hot topics on social media, has been targeted by the SEC.

According to the company's previously disclosed Form 10-K, Tesla added a sentence when describing a series of regulatory investigation requirements it faces: "Just as recently as November 16, 2021, the SEC issued a subpoena to the company to request Tesla to provide information about the management process involved in fulfilling the 2018 settlement." ”

(Source: Tesla Form 10-K)

To explain simply, Musk said on social media in 2018 that he tried to take the company private, and was subsequently accused of securities fraud by the US SEC. In September 2018, the two sides reached an agreement that Tesla would need to regulate Musk's public statements. Musk's production remarks in early 2019 infuriated the SEC, and the two sides adjusted the settlement in April of that year, clearly stipulating that Musk could not publicly express his position without the permission of the company's lawyers.

Considering that Musk has often stirred up heated remarks over the past year, it will naturally attract regulatory attention, but the date the SEC issued the subpoena also contains additional information.

Although Tesla did not elaborate on what exactly the subpoena was investigating in its annual report, just ten days before the US securities regulator issued the subpoena, Musk released a Twitter survey asking netizens whether he should sell 10% of Tesla's positions. Affected by this news, the company's stock price fell by 16% in the following two days. In fact, the two days before that weekend were Tesla's stock price so far at an all-time high.

(Tesla stock price daily chart, source: TradingView)

It is worth mentioning that Musk's remarks in 2018 have not yet been completed to this day, in addition to attracting regulatory investigations. In a Tesla investor class action lawsuit in federal court in San Francisco last week, Musk's lawyers said the defendants' remarks about considering taking the company private at the time were "completely true."