SEC subpoenas Tesla about CEO's buyout plans

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Moreover, Musk tweeted about the issue while Tesla's shares were being traded, an unusual action for the chief executive of a publicly-traded company that is subject to SEC regulation.

The billionaire CEO of electric auto manufacturer Tesla, Elon Musk, would likely need clearance from United States national security officials for any proposal to take the firm private, according to reports. "This is why I referred to "funding secured" in the August 7th announcement".

The representatives of Tesla were sure that Elon Musk was "out of control" and asked him to stop discussing the situation in the company on Twitter.

Earlier this month, Tripp He denies Tesla's claim that he's a hacker, and says the company intimidated and harassed him after he was sacked.

In a letter to employees and shareholders Monday, Musk said he had held talks with the Saudi sovereign wealth fund about taking the company private.

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The subpoena from the Securities and Exchange Commission seeks information from each of Tesla's directors, according to a person familiar with the matter.

Tesla may face potential regulatory challenges beyond the SEC investigation.

The electric vehicle company CEO blurted out on Twitter last week that he plans to buy back Tesla from shareholders. Shares of Tesla were down more than 3 percent in trading on Wednesday.

Both Tesla and the SEC declined to comment on the matter. Musk also has been a vocal critic of Tesla's short sellers. He has accused Tesla of misleading investors about some production figures.

So what next? In the meantime, Musk has tried to clear up the confusion, and apparently show people how serious he actually is about going private by claiming to be working with Goldman Sachs, private equity company Silver Lake and others.



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