SEC subpoenaed Tesla in November after Elon Musk tweet, filing reveals

Tesla said on Monday it received a subpoena from the US securities regulator related to a settlement that required tweets from its chief executive, Elon Musk, on material information to be vetted.

The subpoena by the Securities and Exchange Commission (SEC) was issued on 16 November, some 10 days after Musk asked his Twitter followers if he should sell 10% of his stake in the company, triggering a stock selloff.

In the filing, the company also said the California department of fair employment and housing investigated allegations of race discrimination and harassment in Tesla workplaces and gave notice that it has grounds to file a civil complaint against the electric-car maker.

Tesla has already been battling a series of lawsuits on racial abuse and sexual harassment and a federal jury in October ordered the company to pay $137m to a Black former contract worker in one of the cases.

Reuters reported last year that the SEC had opened an investigation into a whistleblower complaint that Tesla failed to properly notify its shareholders and the public of fire risks associated with solar panel system defects over several years.

Meanwhile, Tesla and the White House have been at odds over the past few months, with the Biden administration focusing on legacy automakers including Ford Motor Co and General Motors in the electric vehicle race.

The company, which had invested $1.50bn in bitcoin last year before selling 10% of the holding, said it registered about $101m in impairment losses last year due to the value of bitcoin.