Tesla shares fall on reports of SEC subpoena

SEC reportedly subpoenas Tesla over Musk’s tweets

The tweet sent the shares 10 per cent higher before they were temporarily suspended.

The SEC's primary concern in this case would be to protect investors from a "pump and dump" move by Musk, however if that was his intention, it appears to have backfired, as Tesla share prices have been retreating since trading of the stock was unfrozen late last week.

The SEC has opened an inquiry into Musk's tweets, according to one person with direct knowledge of the matter.

Tesla's board has formed a special committee of three independent directors to evaluate any proposal from Musk or a rival bidder.

The concern is whether Musk indeed had "funding secured" for a private takeover bid as his Tweet said, and how secure that funding may have been.

", Martin Tripp tweeted on Wednesday evening, before sending out dozens of photos that he alleges came from inside of Tesla.

A formal investigation from federal authorities follows reports that even some on Tesla's board of directors were blindsided by the CEO's outburst. "Notably, there have been zero battery safety issues in any Model 3", Tesla said in a statement to Business Insider.

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The scope of the commission's investigation, which is being led by the San Francisco office, is unclear. Musk also has been a vocal critic of Tesla's short sellers.

As said, Musk tried to clarify his position earlier this week, by detailing in a very structured post on Tesla's blog what he meant by his written remarks.

In this Tweetstorm, Tripp accused the company of installing batteries with damaged cells into certain cars, listing the vehicle identification numbers of those cars.

Tesla has sued Tripp, accusing him of trying to steal trade secrets.

Over the past few months, there has been a war of words between the parties.

Meanwhile, it looks like Tesla is moving along with plans to go private.

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