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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