Sen. Warren wants the SEC to investigate Tesla: here’s why

July 17, 2023 09:31 AM PDT | By Invezz

Sen. Warren wants the SEC to investigate Tesla: here’s why — Image source: Invezz

What she wrote in a letter to SEC today

Last year, Elon Musk spent $44 billion to take over Twitter and served as its Chief Executive for months – something that didn’t sit well with Sen. Warren. In a letter to the regulator today, she wrote:

Musk’s actions since becoming Twitter CEO while remaining Tesla CEO – have raised concerns about conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders.

SEC’s Office of Public Affairs is yet to comment on the news.

In May, Musk named Linda Yaccarino the new Chief Executive of Twitter (source). He’s still the CTO of the social networking service, though.

Sen. Warren is unhappy with Tesla’ board

Note that Sen. Warren had raised similar concerns in an earlier correspondence to Robyn Denholm – Chair of the Board of Directors at Tesla Inc. In her letter on Monday, she added:

Board’s inadequate disclosures, and the close relationships of several board members to Musk, raise questions about effectiveness of corporate governance and potential violations of securities laws.

Over the weekend, the multinational automotive giant also confirmed that it has built its first Cybertruck at Giga Texas – a news that’s weighing on Rivian shares on Monday.

Tesla is scheduled to report its second-quarter financial results this week. Ahead of the report, its shares are up roughly 160% versus the start of 2023.

The post Sen. Warren wants the SEC to investigate Tesla: here’s why appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.