Tesla Subpoenaed By the SEC (Again) Over Elon Musk's TweetsThe billionaire infamously Tweeted that he had "funding secured" to take Tesla private back in 2018.

ByEmily Rella

JIM WATSON | Getty Images

Looks like the latest Twitter court drama isn't the only legal proceedings Elon Musk will be facing.

Tesladisclosedon Monday that it would be entering a court-ordered settlement talk with shareholders following a lawsuit regarding Elon Musk's years-old Tweet about planning to take the company private.

"The SEC had issued subpoenas to Tesla in connection with Elon Musk's prior statement that he was considering taking Tesla private," the companysaid in a filing. "The take-private investigation was resolved and closed with a settlement entered into with the SEC in September 2018 and as further clarified in April 2019 in an amendment. On November 16, 2021, and June 13, 2022, the SEC issued subpoenas to us seeking information on our governance processes around compliance with the SEC settlement, as amended."

In 2018, Musk infamously Tweeted that he would take the company private and that he had the "funding secured" for $420 per share.

"Shareholders could either to sell at 420 or hold shares & go private," he wrote in a follow-up Tweet.

Though the original lawsuit was settled in court (under the condition that Musk shows Tesla's lawyers all Tweets mentioning the company before they are published), Monday's documents show that Tesla was subpoenaedby the SEC againon June 13 regarding the Tweets.

The court date is set to take place over Zoom on October 3, the same month that Musk will face Twitter in a lawsuit over his failed attempt to purchase the company.

Twitteris suingMusk for backing out of his $44 billion bid in hopes that the court will order him to complete the acquisition anyway.

Musk did not comment on the lawsuit publicly, but did take to Twitter on Mondayto denouncerumors that he had an affair with the wife of Google co-founder Sergey Brin last year.

Personal business aside, it appears that October will be a very busy month for the billionaire.

Wavy Line
Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Editor's Pick

Related Topics

Business News

Kristen Bell and Dax Shepard's Family 'Stranded' at Boston Airport During 9-Hour Delay: 'We Made Quite a Home Here'

The actors spent $600 on pillows and blankets while waiting for their flight.

Business News

Report: Vanna White Hasn't Received a Pay Raise in 18 Years, Will Walk if Not Offered $4.5 Million More for 'Wheel of Fortune'

The news follows longtime host Pat Sajak's decision to retire after this season.

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

企业家是不能过度指狗万官方望太多a company exit for their eventual 'win.' Do this instead.

Science & Technology

This Is the New ChatGPT Trend That Will Enhance Your Business

ChatGPT plugins are becoming the new cool trend among entrepreneurs to enhance their businesses and engage more customers. Here are some insights into how they're impacting business enterprises, along with some potential risks that may accompany the benefits.

Business News

McDonald's Is Launching a Spinoff Restaurant Chain Based on a Beloved, Blast-From-the-Past Mascot

The company saw a lot of success with another former mascot, Grimace, in June.