Elon Musk’s ‘funding secured’ tweet could cost Tesla millions, former SEC chairman says (TSLA)

Elon Musk

  • The SEC is reportedly inquiring into a tweet from Tesla CEO Elon Musk about the potential for the company to go private.
  • An inquiry from the SEC does not necessarily mean an investigation will follow, but if the agency does determine one is necessary, it will start by looking at a tweet Musk posted on Tuesday, Harvey Pitt, a former SEC chairman, told Business Insider.
  • If Musk is found guilty of misconduct, potential punishments could range from hundreds of millions of dollars in fines to criminal prosecution.

Nearly three days after Tesla CEO Elon Musk said he had secured the funding necessary to take Tesla private, pending a shareholder vote, neither he nor the company has disclosed where that money could come from.

One possible explanation: Tesla and its board of directors don’t know.

While Tesla’s board released a statement on Wednesday saying Musk had discussed the prospect of going private with them last week, Reuters reported on Thursday that Musk had yet to tell the board where the backing for a buyout deal would come from,

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