October 27th, 2022, 04:48pm.
According to the Wall Street Journal, the Securities and Exchange Commission is looking into claims made by the company about its autopilot system.
The SATELLITE Conference and Exhibition will be held in Washington, DC. The photo is from Susan Walsh's file.
Regulators are looking into whether the company misled investors about the safety of its autopilot system.
The system is said to enhance safety and convenience behind the wheel by largely allowing cars to drive themselves, but it is thought to have been involved in scores of accidents.
The DOJ has not yet filed charges in the case of the self-driving cars and the civil regulatory probe is unrelated to that.
The SEC does not comment on the existence or non-existence of a possible investigation, while Musk did not respond to a request for comment from Forbes.
According to the website of the company, its self-driving technology doesn't make its vehicles autonomously and should only be used by a fully attentive driver. Musk told investors on a conference call last week that the company's cars are not quite ready to have no one behind the wheel. If the National Highway Traffic Safety Administration discovers there are safety problems with the system, there could be a recall.
Ahead of the closing of a $44 billion deal that will take the company private and make him its principal owner, Musk's attention seems to be focused on the micro-blogging site. Each of the past two days, the billionaire has been at the company's headquarters.
The SEC objected to Musk's claim that he could takeTesla private. The claim was found to be misleading and caused the stock to jump. Musk agreed to step down as chairman of the board of the company.
We think that Musk is the richest person in the world because of his shares of the company.
The DOJ and SEC are looking into statements about autopilot Functionality.
According to a report,Tesla is under federal criminal investigation for self- driving car claims.
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