Tesla Faces a New S.E.C. Investigation

The agency declined to comment, and Tesla did not immediately respond to a request for comment.

Tesla also announced on Thursday that it planned to issue about $2 billion in new common stock, just two weeks after Mr. Musk told investors on a call that it “doesn’t make sense to raise money.”

“We’re actually spending money as quickly as we can spend it sensibly,” he said at the time.

Mr. Musk plans to buy up to $10 million of stock from the new offering, the company said. Larry Ellison, a Tesla board member, plans to buy up to $1 million.

Since announcing its fourth-quarter earnings late last month, Tesla’s share price has risen by more than 30 percent, giving it a market value of about $137 billion. The stock’s price has risen about 80 percent since the beginning of the year.

After opening lower on Thursday, Tesla shares were up almost 3 percent in midday trading.

Article source: https://www.nytimes.com/2020/02/13/business/tesla-sec-subpoena.html?emc=rss&partner=rss