The Los Angeles Post

SEC subpoenas Tesla

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The Securities and Exchange Commission (SEC) issued Tesla a subpoena in November, 10 days after CEO Elon Musk published a tweet asking his followers if he should sell billions of dollars in the company’s stock.

Tesla revealed in a financial filing on Monday that the SEC subpoenaed the company asking for information on its “governance processes around compliance” with a settlement that had previously been reached with the agency.

A federal judge approved a settlement between the SEC and Musk in October 2018, which required Musk to step down as chairman of the company and pay a $20 million civil penalty. It also required that Tesla pay a separate $20 million fee.