- The SEC is investigating Elon Musk over potential ties to claims Tesla has made about its self-driving software, Bloomberg reported.
- The publication said the probe is a component of a bigger investigation into Autopilot.
- It is not the primary time the SEC has investigated Musk.
The Securities and Exchange Commission (SEC) is investigating Elon Musk over any involvement he had in Tesla’s marketing of its self-driving software, in accordance with a recent report from Bloomberg.
The news publication cited a person with knowledge of the difficulty and said the probe is a component of an investigation into Tesla’s claims about its driver-assist Autopilot software. The person told Bloomberg the agency is looking into whether Musk could have made inappropriate statements in regards to the way forward for the technology.
A spokesperson for the SEC declined to comment on the report. Musk and a spokesperson for Tesla didn’t reply to a request for comment ahead of publication.
In 2016, the electric-car maker announced its Full Self-Driving (FSD) software as an enhancement to Autopilot using the video “Full Self-Driving Hardware on All Teslas” to advertise its capabilities. FSD is a beta add-on that allows the vehicle to robotically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. The software still requires a licensed driver to watch the system in any respect times.
Musk has promoted the software on social media and in earnings calls with investors. The Tesla CEO has been promising for years that Tesla may have fully autonomous cars on the road. Last 12 months, the billionaire said the carmaker’s self-driving software is the difference between Tesla being price a whole lot of money or almost nothing.
Earlier this month, Bloomberg reported that Musk personally oversaw the event of a 2016 video that promoted the self-driving software and allegedly faked among the software’s capabilities.
It is not the primary time the SEC has investigated Musk, who in 2018 settled fraud charges brought by the agency over a tweet from the Tesla CEO, saying he planned to take the carmaker private. Last 12 months, the SEC confirmed it was also investigating the billionaire after he was late to reveal a stake he had built up in Twitter. The agency also launched an investigation in 2022 into allegations Musk and his brother could have violated insider trading regulations. That 12 months he accused the agency of a “harassment campaign” that unfairly singled him out, however the regulator denied the accusation.
Musk’s self-driving software has also come under increased scrutiny lately over its marketing of the services. The National Highway Traffic Safety Administration is investigating Autopilot and its potential connection to several accidents.