The Department of Justice has launched a criminal investigation into potential fraud by Tesla Inc. following CEO Elon Musk's tweet in August that he had 'funding secured' to take the company private.
The company said on Tuesday that it received a 'voluntary request for documents' from the DOJ, following Musk's post, the Wall Street Journal reported.
Though Tesla said it hasn't received a request for testimony or had any documents summons by subpoena, the voluntary request is generally the first step in this type of federal investigation.
Should a criminal case move forward, it would be in parallel to an investigation already underway by the Securities and Exchange Commission (SEC) and a lawsuit brought by shareholders.
Tesla's stock price intially dropped by 6.64 percent on Tuesday, to $288.20, after the criminal investigation was revealed, before slightly rebounding by 3pm Eastern to a drop of 3.44 percent and a price of $284.70.
Tesla stock rose 11 percent in one day on August 7, the day Musk tweeted the offending statement, kicking off more than a month of turmoil for the electric car company, with several top executives leaving the company in the last week.
The Department of Justice has launched a criminal investigation into Tesla Inc. following CEO Elon Musk's tweet in August that he had 'funding secured' to take the company private, the company said; Musk is shown here at an event at the SpaceX headquarters in Hawthorne, California on Monday
Tesla has already been under heightened scrutiny since Musk's chaotic announcement on August 7 on Twitter that he was considering taking Tesla private in a buyout valued at $72 billion, a plan that was reversed two weeks later.
'Am considering taking Tesla private at $420. Funding secured,' he tweeted on August 7.
Musk followed up the post with a threaded reply, writing, 'Shareholders could either [opt] to sell at 420 or hold shares and go private.'
Tesla has already been under heightened scrutiny since Musk's chaotic announcement on August 7 on Twitter that he was considering taking Tesla private in a buyout valued at $72 billion, a plan that was reversed two weeks later
The ill-fated effort has also prompted a class-action lawsuit alleging Musk was trying to punish investors who bet against the company.
The billionaire' s behavior has raised concerns about his corporate leadership, with several Wall Street analysts and some investors urging Tesla to appoint a strong second-in-command.
Meanwhile, Tesla's top accountant, chief accounting officer Dave Morton, announced on September 7 that he was stepping down after just one month on the job, citing the electric car company's frenetic pace.
Tesla's stock price initially dropped by 6.64 percent on Tuesday, to $288.20, after the criminal investigation was revealed
The price slightly rebounded by 3pm Eastern to a drop of 3.44 percent and a price of $284.70
Tesla's chief accounting officer Dave Morton (pictured) announced on September that he was stepping down after just one month on the job
Morton gave notice on September 4 that he was resigning, according to a filing on Friday.
'Since I joined Tesla on August 6, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,' Morton said in the securities filing.
'As a result, this caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla's leadership or its financial reporting.'
Communications Vice President Sarah O'Brien (left) and head of Human Resources Gabrielle Toledano (right) left Tesla, with their last days both being on September 7
Communications Vice President Sarah O'Brien, who had been on leave, also left after two years at the company, with her last day being on September 7.
Regarding O'Brien's departure, Tesla said in a statement issued on August 25 that the move had been planned for at least 'a couple of months.'
'We'd like to thank Sarah for all her contributions to Tesla and we wish her the best,' a Tesla spokesperson told Bloomberg News in an emailed statement.
'Sarah's transition has been underway for a couple of months and Dave Arnold, Tesla's Sr. Director of Global Communications, will take on her responsibilities.'
O'Brien reportedly made the call to move on before Musk tweeted about taking the company private with Saudi Arabian investors on August 7.
HR boss Gabrielle (Gaby) Toledano's last day with Tesla was also on September 7, after having been on leave for the last month, Bloomberg News reported.
As of 1pm Eastern on Tuesday, Tesla's stock was down by nearly 12 percent for the month
Ahead of the shakeup, Musk gave a bizarre interview late on September 6 in which he was seen smoking marijuana on footage from Joe Rogan's podcast.
In the interview with comedian Rogan, Musk drank whiskey and tried a marijuana-and-tobacco cigarette proffered by the comedian as he mused about artificial intelligence and colonizing space.
Towards the end of the podcast, Rogan lit a 'cigar' rolled with both tobacco and marijuana - a drug which is legal in the state of California - and offered it to Musk.
'You probably can't do this because of stockholders, right?,' Rogan asks Musk.
Musk, who earlier joked that mushrooms - both a harmless fungi and an psychedelic drug - are 'delicious', clarified that the drug is legal, and was seen taking a puff on the joint before handing it back.
'I'm not a regular smoker of weed. Almost never,' he told Rogan.
'I don't actually notice any effect. I know a lot of people like weed, and that's fine, however I don't find it's very good for productivity.'
The appearance was the latest unorthodox move by Musk, who has often surprised investors with brash and unpredictable behavior as Tesla has sought to live up to lofty manufacturing targets for its Model 3 electric car.
Musk has admitted to severe stress from running Tesla.
In the interview with comedian Rogan on September 6, Musk drank whiskey and tried a marijuana-and-tobacco cigarette proffered by the comedian as he mused about artificial intelligence and colonizing space
Link hienalouca.com
https://hienalouca.com/2018/09/19/tesla-faces-criminal-probe-over-ceo-elon-musks-tweets-about-taking-the-company-private/
Main photo article The Department of Justice has launched a criminal investigation into potential fraud by Tesla Inc. following CEO Elon Musk’s tweet in August that he had ‘funding secured’ to take the company private.
The company said on Tuesday that it received a ‘voluntary request for ...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/09/18/20/505DF47E00000578-6181489-image-a-27_1537298281718.jpg
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