Tesla’s stock is down 5 percent this morning after news emerged the U.S. Department of Justice had launched a criminal investigation into CEO Elon Musk’s Aug. 7 tweets about taking the company private. The criminal probe is in addition to the previously reported Securities and Exchange Commission investigation into the electric car company.
Musk has since retracted those statements, or tweets rather, after speaking with shareholders and investigating the process, realizing the best path forward for the company was to remain private.
We’ve reached out to Tesla for comment.
Musk wrote at the time that he was considering buying back the company for $82 billion (at a share price of $420 plus debt), and already has the funding to do so. He later disclosed the funding would come from a Saudi Arabian sovereign wealth fund.