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Tesla Faces FBI Probe Over Model 3 Production Numbers (cnbc.com)

A new report from The Wall Street Journal says the FBI is reviewing Tesla's Model 3 production numbers as part of an ongoing criminal probe into whether the company misled investors. "Federal agents are reviewing Tesla's stated Model 3 numbers dating back to early 2017, the Journal reports, citing unnamed sources," CNBC reports. From the report: Tesla had previously said it provided documents to the Department of Justice regarding CEO Elon Musk's controversial take-private tweet -- a blunder that ultimately cost Tesla and Musk a combined $40 million in fraud settlement fees. Now Tesla says it also provided information to the Department of Justice regarding Musk's public statements regarding production numbers of its Model 3 sedan. Tesla says the company has not received "a subpoena, a request for testimony, or any other formal process," but the Journal reported Friday that former Tesla employees have received subpoenas and requests for testimony.

15 of 143 comments (clear)

  1. Re:Don't investigate Trump's middle east holdings by DontBeAMoran · · Score: 3, Interesting

    Musk didn't cut any corners. He simply used "border-radius: 8px".

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    #DeleteFacebook
  2. Re:Maybe citizens will soon learn... by DontBeAMoran · · Score: 2

    There needs to be a Separation of Business and State.

    And yet there is an orange muppet who was a business man all his life, had never done any politics before and is now the president of the U.S.A.

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    #DeleteFacebook
  3. Re:Don't investigate Trump's middle east holdings by gravewax · · Score: 2

    Both are serious issues, both should be investigated.

  4. Early 2017 Model 3 Numbers, 0 by blazerw · · Score: 3, Informative

    Sounds like "fake news" from shorts if they're asking about Model 3 production numbers before Model 3 production started. According to Wikipedia, first Model 3 came off line in July 2017. While that is 2017 and it isn't late 2017, it's definitely not early 2017.
    https://en.wikipedia.org/wiki/...

    1. Re:Early 2017 Model 3 Numbers, 0 by sexconker · · Score: 2

      And knowingly lying about them can get you into serious shit.

    2. Re:Early 2017 Model 3 Numbers, 0 by yodleboy · · Score: 2

      There's a big difference between announcing a reachable goal but not reaching it and actually announcing a goal you KNOW in advance is unreachable.

    3. Re:Early 2017 Model 3 Numbers, 0 by Aighearach · · Score: 2

      Only privately held companies are allowed to reach for the sky! Welcome to Trumplandia.

  5. Re:Big oil strikes again by 110010001000 · · Score: 4, Informative

    You mean like the Saudis, who own 5% of Tesla?

  6. Straw man. Also, you're just wrong. by Anonymous Coward · · Score: 2, Interesting

    Your parent never said government has no business asserting power over individuals, so your reply is a logical fallacy known as a "straw man".

    Next, it's possible for 2 individuals to agree that the contract which binds their behavior will be arbitrated and enforced by the government, making such arbitration and enforcement by the government a perfectly voluntary interaction.

    However, as an aside, one can see that the government need not play a special role here either; why should this one particular organization ("government") be the arbitrator? The individuals in question could agree to another arbitrator. Well, this point is just too much for most of you NPCs to grasp, so let's not go there.

  7. Re:This is getting ridiculous. Fucking Wall Street by BlueStrat · · Score: 3, Informative

    They'd do ANYTHING to get rid of Musk. Even resorting to getting the FBI in there to "find" something... "anything, dear god, please, anything!".
    Next up: "Musk found dead from 39 bullet shot wounds and his head being chopped of by an axe. Death ruled an 'accident'."

    "Yep, worst case of suicide we ever saw! Poor soul, he was just too high-strung." -- Combined Aerospace, Automobile, and Energy Industry Interests.

    Musk is an existential threat to the established industries in those sectors as well as to those in government who get all those fat corporate contributions from them.

    Tesla Model 3/Falcon9FalconHeavy/PowerWall == Tucker Tornado x 3.

    Go read about what the government, in collusion with established manufacturers, did to Tucker and Tucker Motors while keeping in mind he only threatened *one* major industrial sector's established players and that the government is at least as corrupt today as then, if not more so.

    Strat

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    Progressivism (aka US 'Liberalism'): Ideas so good they need a police/surveillance-state to enforce.
  8. Re:Why the FBI? by gravewax · · Score: 2

    It is the jurisdiction of BOTH. SEC does any civil actions required, the FBI/DOJ conduct any criminal investigations and charges.

  9. Market Manipulation by seoras · · Score: 4, Interesting

    Has there ever been a company which has had to endure as much media sponsored market manipulation as Tesla?
    Two days ago the news headline was:
    "Tesla reports surprise profit, stock surges. Tesla reported its third-ever profit in its eight years as a public company. This exceeded average analyst expectations of losses of 15 cents per share on revenue of $6.32 billion."
    Today more speculative drama chipping away at its integrity and success.

    Did that "stock surge" burn someone? Did someone think "oh dear, I was wrong, I should have gotten in earlier" or are the shorties still dreaming they can topple it?

  10. Wonder what they are investigating by 140Mandak262Jamuna · · Score: 2
    Tesla never releases any official production number. It is so tight with information about production. What little it reveals is in the quarterly earnings call. Bloomberg actually built an "estimator" for the production using some crowdsourced info gathering.

    It does not release monthly figures, it does not give country wide break up...

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    sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
    1. Re:Wonder what they are investigating by 140Mandak262Jamuna · · Score: 4, Informative
      You can infer production rate. That is speculation on your part. Why would they investigate Tesla for your speculation?

      It is illegal if they made X cars but reported X+Y cars.

      It would be illegal to give an inflated forecast about production rate knowingly. It would be very hard to prove Tesla knew it is going to miss production deadlines and still misrepresented the issue. With all that talk about production hell, and sleeping in the factory etc, they made no effort to conceal the problems they had in production.

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      sed -e 's/Chuck Norris/Rajnikant/g' joke > fact
  11. Conveniently released by EnsilZah · · Score: 4, Informative

    The story is old news and Tesla made a statement they haven't received any subpoenas from the DOJ.

    The story was conveniently (for some) released as the stock was hitting +8% in a bear market, and it promptly dropped to around 0% for the day.
    After about 20 minutes the market realized the story was bullshit and the stock continued to rise 5% by closing time, but the doubt has been sowed and momentum slowed.