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The Silicon Review Asia

Tesla plunged in troubled waters yet again as DOJ launches an investigation

Tesla plunged in troubled waters yet again as DOJ launches an investigation

It seems that Tesla and its iconic founder and CEO Elon Musk cannot stay away from the media spotlight, mostly for the wrong reasons. Following a tweet sent by Musk stating intentions to take the carmaker private, the investors demanded answers and the SEC carried out a formal investigation. To add to the woes, the United States Department of Justice (DOJ) has launched its own criminal investigation into Musk’s tweeted message.

As news of this investigation became known, Tesla’s stock fell 5 percent, further worrying investors and shareholders. Following the tweet, Tesla received a request for documents from the DOJ and has reportedly been cooperating with the authorities. But the automaker has not received a subpoena or any type of formal legal summons. “The Justice Department generally does not confirm, deny or otherwise comment on the existence or non-existence of an investigation,” said a spokesperson for the Department of Justice.

Musk retracted his statements and tweets shortly after the tweet. Musk had elaborated on his reasons for wanting to privatize his company, stating that the vision of the CEO usually does not coincide with that of the shareholders or that of the board.  In the tweet, Musk had stated that the privatization was backed by the Saudi Arabian sovereign fund. However, the same fund invested in an Arizona based electric car maker named Lucid.

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