Aug. 16, 2018—Tesla recently received subpoenas from the U.S. Securities and Exchange Commision, linked to recent Twitter comments made by the OEM’s CEO, Elon Musk. The subpoenas indicate that the agency’s probe into Musk’s Twitter activity has reached a formal phase, noted Wired.

Earlier this month, Musk tweeted: “Am considering taking Tesla private at $420. Funding secured.” But, as Musk soon noted, that funding may not, in fact have been completely secured. And, for the SEC, which regulates the securities industry, that may be a problem that eventually costs Tesla. 

The issue is the fact that securities law demands that public companies make much of their information public to all shareholders at the same time. … And, that said information is factual. Anything less could be construed as fraud or market manipulation.

Tesla’s board has yet to confirm any funding details. The San Francisco office of the SEC has sent subpoenas to Tesla regarding its privatization plans, and Musk’s statement to determine whether he intentionally misled investors, FOX Business reported. Tesla, in response, has hired two law firms.