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The Securities and Exchange Commission has issued formal subpoenas to Tesla, Fox Business reported Wednesday.
Shares of Tesla sank by as much as 4% following the report.
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Shares of Tesla sank as much as 4% in trading Wednesday as the flurry of news surrounding Elon Musk’s plan to take his electric car maker private continued.
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Fox Business reported Wednesday that the US' top equities regulator, the Securities and Exchange Commission, had issues subpoenas to Tesla regarding its privatization plans and Musk's "funding secured" tweet. Reporter Charles Gasparino said the investigation — which was first reported on by the Wall Street Journal last week and confirmed by Bloomberg — had reached "formal" stages.
Business Insider has not been able to confirm the Fox Business report. Both Tesla and the SEC declined to comment on the report.
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