U.S. securities regulators say they have legal
authority to subpoena Tesla and CEO Elon Musk
about his tweets, and that Musk’s move to throw
out a 2018 court agreement that his tweets be
pre-approved is not valid.
The Securities and Exchange Commission
also disclosed publicly that it is investigating
Musk’s Nov. 6, 2021 tweets that asked followers
whether he should sell 10% of his Tesla stake.
The commission confirmed that it issued
administrative subpoenas while investigating
whether Musk and Tesla are complying with
disclosure controls in the 2018 agreement.
The commission also is investigating whether
Tesla described accurately in public filings
with the agency whether it complied with
disclosure controls.