Tesla increases spending plans and issues new subpoena in Musk's 2018 tweet


 July 25 (Reuters) - Tesla Inc (TSLA.O) said in a regulatory filing on Monday that it has increased its investment plan by $1 billion, which also includes a joint venture with Chief Executive Elon Second subpoena for private tweets disclosed by Elon Musk. 2018.


The company now expects to spend $6 billion to $8 billion this year and the next two years, up from a previous spending plan of $5 billion to $7 billion, to boost output at its new plants in Texas and Berlin.


Musk said last month that factories were "losing billions of dollars" as it struggled to ramp up production due to battery shortages and port problems in China.


Meanwhile, the latest subpoena from the U.S. Securities and Exchange Commission (SEC), issued on June 13, asks for information on compliance with Musk’s 2018 settlement with regulators.


Musk settled a SEC lawsuit over his private tweets by agreeing to have company lawyers pre-approve tweets containing material information about the company.


The company said it would work with government agencies. The SEC declined to comment. Regulators first subpoenaed Tesla over the settlement in November.


The world's richest man, a self-proclaimed "free speech absolutist," said in March that his "funding secured" tweets were real, and when he tried to overturn a 2018 deal with the SEC, he put himself Rapper Eminem is on a par. .


In June, he also appealed the judge's refusal to terminate the agreement.


The latest subpoena comes as Musk prepares for an October legal showdown with Twitter to walk away from a $44 billion bid to buy the social media company.


In June, regulators questioned Musk over a tweet expressing concerns about his acquisition of Twitter over concerns about the number of fake users and spam accounts.


Separately, Tesla’s filing said it converted about 75 percent of its bitcoin holdings into fiat currency, earning $64 million and depreciating $170 million in value over the first six months of 2022.


The fair market value of its digital assets was $222 million as of June 30, the filing said. (https://bit.ly/3S1k4Bq).


💌 Resources and references: reuters.com 🔊 Tesla boosts spending plans, issues new subpoena on Musk's 2018 tweet.


Comments

Post a Comment

Popular posts from this blog

UK regulators probe Microsoft's $68.7 billion deal with Activision

Image
 In this image dated January 18, 2022, the Microsoft logo is seen on a smartphone on top of the Activision Blizzard logo displayed. Reuters/Dado Ruvic/Illustration. July 6 (Reuters) - U.K. antitrust regulators said on Wednesday they were opening up a bid by Microsoft (MSFT.O) to buy Call of Duty maker Activision Blizzard (ATVI.O) for $68.7 billion investigation. Britain's Competition and Markets Authority (CMA) said it had until September 1 to make a first-stage decision on whether a deal between the US tech firm and video game maker Activision would reduce competition in the UK. Lisa Tanzi, Microsoft's corporate vice president and general counsel, said in an interview with Reuters: \"We are committed to answering the questions raised by regulators and ultimately believe that a thorough scrutiny will help close the deal with broad confidence and have an impact on competition. Positive impact.\" emailed statement. \"We anticipate and believe it is appropriate for
Read more

Singapore's crypto ambitions dashed by three arrows

Image
 A view of the Monetary Authority of Singapore headquarters in Singapore on June 28, 2017. REUTERS/Darren Whiteside. HONG KONG/SINGAPORE, July 12 - Singapore's ambitious cryptocurrency industry, in some ways the largest in the Asia-Pacific region, faces an uncertain future following the recent collapse of crypto fund Three Arrows Capital, a global digital currency slump. High profile victim. Crypto players in Southeast Asia’s financial hub are bracing for more bankruptcies and lawsuits, with regulators expected to become less lenient at the Monetary Authority of Singapore (MAS), whose welcoming attitude has helped attract companies from China, India and elsewhere. Hoi Tak Leung, an attorney in Ashurst’s senior technology division, said: “Following recent events, it seems likely that MAS will crack down on crypto and digital assets.” According to KPMG, investment in Singapore-based crypto and blockchain companies will grow to $1.48 billion in 2021, a 10-fold increase from the previo
Read more

GameStop fires CFO, shares fall

Image
 A person walks past a GameStop store in Manhattan, New York City, U.S., January 29, 2021. REUTERS/Carlo Allegri. July 7 (Reuters) - GameStop Corp (GME.N) announced on Thursday that it had terminated the hiring of Chief Financial Officer Michael Recupero, sending shares of the video game retailer down 8 percent in after-hours trading. Axios, which first reported the exit, also cited a memo saying it was laying off an undisclosed number of employees. GameStop did not respond to Reuters' request for comment. Shares closed up about 15% in regular trading after the company announced a 4-for-1 stock split late Wednesday. Recupero, who previously served as chief financial officer of Amazon's North American consumer business (AMZN.O), will be succeeded by chief accounting officer Diana Saadeh-Jajeh. GameStop also last year hired Amazon Australia head Matt Furlong as chief executive as part of its focus on online sales in the wake of the pandemic. Both executives were hired as chairman
Read more