The SEC launched a formal investigation into Tesla by the SEC over Musk’s allegations. More lawsuits filed.

SCOOP: SEC ramps up investigation into Tesla privatization plans; sends subpoenas to Tesla regarding privatization plans and Musk’s statements involving “funding secured”–sources Subpoenas signal investigation has reached the “formal” stages — sources more now @FoxBusiness
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— Charles Gasparino (@CGasparino) August 15, 2018

for the record: this story was NOT given to me by a short but by a company source https://t.co/mFKVwMxOxe

— Charles Gasparino (@CGasparino) August 15, 2018

Damage Control Mode

The NYT reports Elon Musk Sends Tesla Board Into Damage Control Mode.

Elon Musk, the electric-car maker’s co-founder and chief executive, stirred up a public storm by announcing on Twitter last week that he wanted to turn Tesla into a private company. In recent days, according to people familiar with the matter, some of his fellow board members delivered a stern message: Stop tweeting.

Mr. Musk hasn’t heeded that advice. He has continued to post messages on Twitter, publicly plotting the company’s strategy and in some cases making assertions of dubious accuracy. That has only added to the chaos engulfing the struggling company.

Tesla has also been plagued by operational problems and it has struggled to meet Mr. Musk’s production targets for the Model 3 sedan, the company’s first mass-market offering and a vehicle he has said is crucial to company’s ability to become profitable.

Board members’ frustrations have intensified in recent days.

Directors were upset that Mr. Musk’s tweets forced them to rush out a public statement explaining a transaction that was at an embryonic stage, according to people familiar with the thinking of board members.

Another Lie

I’m excited to work with Silver Lake and Goldman Sachs as financial advisors, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private

— Elon Musk (@elonmusk) August 14, 2018