US federal justice and the stock market policeman, the SEC are investigating the possible use of funds from Tesla to finance a personal project of its boss Elon Musk.
US federal justice and the Securities and Exchange Commission (SEC) have launched an investigation into the potential use of funds from Tesla to finance a personal project of its boss, Elon Musk. This information, reported by the Wall Street Journal, raises questions about transparency and business ethics within the company.
According to the sources quoted by the Wall Street Journal, the federal prosecutor’s office in Manhattan has requested information concerning “personal benefits paid to Elon Musk, on the amount spent by Tesla on this project (…) and on its future use”. The mysterious project in question, dubbed “Project 42” internally, concerns the construction of a towering glass structure in the Austin, Texas area where Tesla’s headquarters are located.
The alleged involvement of company funds in this project also prompted an SEC investigation. However, it should be noted that these two investigations are at a “preliminary stage” and may not lead to formal accusations of embezzlement. Nevertheless, a shadow of doubt hangs over Tesla’s management of resources and Elon Musk’s actions in this matter.
The Wall Street Journal previously reported on the matter in July, revealing that Tesla’s board of directors had launched an internal investigation to determine whether company resources had been misused for “Project 42” and whether Elon Musk was involved in this case.
This internal investigation was triggered following concerns expressed by employees about the order of special glass walls for several million dollars, the destination of which remains unknown.
As Tesla continues to play a leading role in the electric automobile industry, especially at the moment with the presentation of the Tesla Model 3 Highlandand sustainable energy, the outcome of these investigations could have an impact on the reputation of the company and, above all, that of Elon Musk.
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