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SEC Sends Subpoena To Tesla In Probe Over Musk's Take-Private Tweets (bloomberg.com)
The U.S. Securities and Exchange Commission sent Tesla a subpoena regarding Elon Musk's effort to take the company private, "indicating the regulatory scrutiny of his statements have reached a more serious stage," reports Bloomberg. Last week, Musk tweeted he was considering taking Tesla off the market and had "funding secured" for the deal. From the report: Musk exposed himself to legal risk by tweeting Aug. 7 that he had the funding for a buyout. Almost a week later, the chief executive officer said the basis for his statement was conversations with Saudi Arabia's Public Investment Fund, which first expressed interest in helping take the company private in early 2017. Tesla's board has since clarified that it hasn't received a formal proposal from Musk, who's also chairman, nor has it concluded whether going private would be advisable or feasible. Tesla may face potential regulatory challenges beyond the SEC investigation. The company probably will need approval of U.S. national security officials if Saudi Arabia finances the effort to take the company private, and President Donald Trump's administration has been stepping up scrutiny of foreign investment in American technology.
Tesla has NEVER been profitable. Even though it's existed since 2003 doesn't necessarily make it mature either.
TSLA is where it is by creating a cult of incredibly naive people who believe they are going to save the planet by destroying the environment even more and making Elon Musk a multi-billionaire.
The problem is the damage Musk is going to do to the market in general when reality finally hits and all those people are wiped out. Most will never invest in anything ever again nor trust honest executives.