Tesla says it received June subpoena regarding its governance in wake of Musk’s take-private tweet


Tesla Inc. TSLA, -0.57% disclosed in its latest 10-Q filing Monday that it received a second subpoena from the the Securities and Exchange Commission asking the company to provide information on its “governance processes around compliance with the SEC settlement” related to Chief Executive Elon Musk’s 2018 tweet about taking the company private at $420 a share. The June 13 subpoena follows a November 2021 subpoena that the company also received on the same topic. “The take-private investigation was resolved and closed with a settlement entered into with the SEC in September 2018 and as further clarified in April 2019 in an amendment,” Tesla said in its filing. The 10-Q comes after Tesla posted better-than-expected profit for its second quarter while disclosing that it sold much of its bitcoin. The latest filing removes language that was in prior 10-Qs saying: “We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.”

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