The Securities and Exchange Commission (SEC) is reportedly investigating Tesla CEO Elon Musk for claims he made about the company’s self-driving cars.
The SEC investigation is part of a larger probe of Tesla’s autopilot driver-assistance system, according to Bloomberg News, citing a person familiar with the matter. SEC officials are considering whether Musk inappropriately made forward-looking statements Bloomberg reported.
Elon Musk is being investigated by the SEC for his role in shaping claims about the self-driving capabilities of Tesla vehicles https://t.co/KID39LeCYF
— Bloomberg (@business) January 27, 2023
Musk is also under investigation by the National Highway Traffic Safety Administration (NHTSA) for a tweet about a self driving function in Tesla cars, Reuters reported. The agency is currently conducting a probe into 830,000 defective Tesla vehicles with its autopilot system. (RELATED: Elon Musk Meets With Speaker McCarthy And Minority Leader Jeffries. Here’s What They Discussed)
Musk replied to a tweet about Tesla drivers with more than 10,000 miles on its “Full Self-Driving” system disabling the “steering wheel nag” alert to keep drivers paying attention. Musk said “[a]greed, update coming in Jan” without offering specifics.
Agreed, update coming in Jan
— Mr. Tweet (@elonmusk) December 31, 2022
Musk is facing trial for allegedly misleading investors about taking Tesla private for tweeting, “am considering taking Tesla private at $420. Funding secured.” Investors argued the tweet cost them billions of dollars by inspiring investment decisions they would not have made otherwise, according to The Wall Street Journal.
The SEC charged Musk with securities fraud for the tweet, alleging Musk had not discussed specific deals with financiers about taking Tesla private, the outlet reported. The company remains publicly traded and its stock price fell 65% in 2022.
An SEC spokesperson declined to comment on the new investigation.