Early this month, Tesla (NASDAQ:TSLA) settled with the SEC over charges that it misled investors after CEO Elon Musk, 47 anni, Tweeted that he had secured funding to take Tesla private.
You remember the infamous 6 August ‘420’ prank Tweet, Yes?
The SEC, which alleged that the Tweets were fraudulent, at 1st sued Mr. Musk, before reaching a settlement that required he and Tesla to each pay $20-M in fines, and to replace Mr. Musk as Chairman by 13 November.
According to latest information we have today, the FBI has intensified its investigation into whether Tesla misstated data on the production of its M-3, its lowest-priced sedan.
Mr. Musk Tweeted Friday that the fines on the ’42o’ Tweet were ‘Worth It‘ and the company said that it had not yet received a subpoena for documents in the case,nor a request for testimony.
How about that one that cost you 20M, how was the ‘like’ ratio on that one?
Tesla has been asked by the US Department of Justice for documents about its projections for the M3, the sedan that it struggles to manufacture.
“When we started the Model 3 production ramp, we were transparent about how difficult it would be, openly explaining that we would only be able to go as fast as our least lucky or least successful supplier, and that we were entering ‘production Hell,’” Tesla said in a statement Friday.
FBI agents have contacted and are taking statements from former Tesla employees. The ex-employees received subpoenas earlier in the investigation, and agents have interviewed several of them recently.
A representative for the US attorney’s office in San Francisco has not responded to a request for comment.
The Justice Department is investigating Mr. Musk’s statement about trying to take the fledgling niche EV maker private, the ‘420’ Tweet+ in early August.
Tesla shareholders have alleged in an amended class-action lawsuit that the company misled the public about M-3 production. A federal judge dismissed the plaintiffs’ original complaint based on finding that failure to meet projections is actionable in court only if the projections were not accompanied by “meaningful qualifications.”
The complaint has been amended.
In their amended complaint, the shareholders said they had spoken with multiple former employees at Tesla’s California assembly plant and Nevada battery factory who disputed claims the company had made about being on track to meet M-3 targets by the end of Y 2017.
In August of that year, Mr. Musk said he was confident Tesla would be able to produce 1,500 M-3s in Q-3 and reach a run rate of 5,000 a week by year’s end.
Later, Tesla announced that it had made just 260 M-3s in Q-3. The company manufactured fewer than 2,700 of the cars all of last year.
Mr. Musk has made many predictions related to the M-3 that were even more outlandish than the ones he gave last year. He said during a May 2016 earnings call that Tesla would aim to produce 100,000 to 200,000 M-3 sedans during 2-H of Y 2017.
The writing is on the wall now, Tesla may now be a take over target.
Daimler AG does not rule out cooperating with Tesla in future even though the German luxury car producer sold its stake in the tiny EV company, Daimler’s CEO told a Polish newspaper at the Paris Motor Show in September.
CEO Dieter Zetsche told the daily Rzeczpospolita that after selling the Tesla shares he “never regretted it. This does not exclude a cooperation in a future.”
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Bullish (0.28)||Bullish (0.48)||Bullish (0.33)||Neutral (0.01)|
Have a terrific week