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SEC has reportedly served Tesla with a subpoena after Elon Musk’s take-private tweet

The Securities and Exchange Commisison has served Tesla with a subpoena after CEO Elon Musk tweeted that he was considering taking the company private and that he had the necessary funding lined up, according to a report from The New York Times published Wednesday.

Earlier reports said the SEChad intensified scrutiny of the automaker after the controversial tweet. A subpoena would be one of the first steps in a formal inquiry.

Shares of Tesla were down 3 percent in afternoon trading, though they moved only a fraction of 1 percent following the Times article.

Representatives of Tesla and the SEC declined to comment to the Times.

source : CNBC

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