Sen. Elizabeth Warren sent a letter urging the SEC to investigate Tesla and its board of directors over possible 'conflicts of interests' related to CEO Elon Musk’s Twitter takeover.
after 50% ad revenue declines and “heavy debt.” Tesla is scheduled to report its second-quarter earnings after the bell on Wednesday of this week.
In her letter to the SEC chairman, the senator said that the appointment of Yaccarino still leaves Musk in charge of Twitter, where he is now CTO and executive chairman, and the arrangement could lead to conflicts of interest. Among these, she wrote that at Twitter, Musk could “decide to run the company to maximize badly-needed revenue, even if that includes great deals for Tesla’s competitors and potential injury to Tesla.” Contrarily, she said Musk could opt to “run Twitter to benefit Tesla through favorable algorithms or free advertising.”civil securities fraud
after he tweeted in 2018 that he was considering taking Tesla private for $420 per share and had “funding secured” to do so. The tweets caused a halt in trading of Tesla shares and sent the company’s share price seesawing for weeks. Musk and Tesla paid fines and struck a revised consent decree to settle the charges in 2019, but Musk later moved to end that agreement or modify it. In May 2023, a federal appeals court judge rejected the Tesla CEO’s request to end the agreement, which requires that any of his tweets containing material Tesla business information be reviewed and approved by a securities lawyer at Tesla before Musk posts them.
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