Stock EV maker Tesla took a sharp 1% hit in pre-morning trading morning as a whistleblower revealed that the company was under investigation from the SEC this Monday, recovering later in the day.
The company has had problems with solar panels catching fire, which resulted in a suit from Walmart involving fires in seven stores which was settled in 2019. According to a letter obtained by whistleblower Steven Henkes the SEC is investigating whether Tesla misled investors regarding the safety of its solar panels.
The SEC has made clear that the existence of the investigation is not proof of law-breaking by Tesla.
Tesla recently has been in the news due to a $10 billion sell-off by owner Elon Musk after a twitter poll in which his followers supported a sell-off of 10% of his stock in the company.
Tesla had a 66.3% US marketshare in the US in 2Q21 according to a report by Experian.