Stories

Report: SEC subpoenas Tesla over Musk's claims

Illustration: Sarah Grillo/Axios

The Securities and Exchange Commission is formally requesting information from electric automaker Tesla about its take-private plan and CEO Elon Musk's unverified claim that he has "funding secured," according to a tweet from Fox Business's Charlie Gasparino.

Why it matters: Subpoenas signal that the SEC's ongoing probe has intensified, and traders reacted by sending Tesla's stock lower by more than 3%. A Tesla spokesman declined comment.

Go deeper: Elon Musk again tweeted misinformation