san: According to the Journal, the SEC's inquiries originate from the agency's San Francisco office, according to The Guardian. The SEC declined to comment. Elon Musk grumbles at short-sellers, but is private ownership right for Tesla Nils Pratley Read more Shares in the money-losing carmaker fell sharply in New York after the Wall Street Journal reported that the Securities and Exchange Commission is making inquiries and quoted former SEC lawyers as saying that investigators were looking for documentation to back up Musk's claims. If Musk's claim turns out to be false, he risks civil and possible criminal penalties. The specific regulation lawyers believe Musk could have broken in his funding secured tweet is 14e-8 of the Securities Exchange Act of 1934, which prohibits publicly traded companies from announcing plans to buy or sell securities if executives don't intend to complete, don't have the means to complete, or are trying to manipulate the stock price. Shares dipped again after Bloomberg reported regulators had been looking into Tesla prior to Musk's tweets and were now intensifying their scrutiny of Tesla Inc.'s public statements, including statements on manufacturing goals and sales targets.
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