Federal investigators are looking into Tesla’s secret Project 42 that reportedly included building a glass house for CEO Elon Musk.
According to recent reports, the company and the project are under investigation by the Securities and Exchange Commission as well as the U.S. Attorney’s Office for the Southern District of New York. Both agencies are studying how much the project cost and what kind of unreported benefits went to Mr. Musk.
If investigators discover that serious perks went to Mr. Musk, the company could be in hot water. According to the SEC, public companies are required to disclose transactions above $120,000 where a related party has a material interest. Perks to senior executives above $10,000 also must be disclosed to investors.
The revelation about federal investigations follows a probe launched by Tesla investors in July into Project 42, reportedly a large glass structure near the car firm’s Austin, Texas, headquarters. If the structure is real, it would be consistent for Mr. Musk’s Tesla, which has invested heavily in Texas since moving there from California in 2021.
The investigations add to investigative headaches targeting Tesla over the past few years. On top of having to pay millions to investors for a tweet Mr. Musk made concerning taking the company private, the electric vehicle maker is dealing with investigations into the truth of its self-driving car claims.
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Tesla faces federal probes over secret Musk house project -WSJ By ReutersTesla faces federal probes over secret Musk house project -WSJ
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Tesla’s use of company funds is now being investigated by the US Southern District of New York.Apparently there was a “Project 42” — for Douglas Adams fans, this number is significant — at Tesla, “which called for a spacious glass structure to be built in the Austin, Texas, area,” according to The Wall Street Journal. The project was “described internally as a house for Chief Executive Elon Musk.” Tesla had internally investigated whether there was a misuse of company resources on the project. It’s unclear what the outcome of the Tesla investigation was, what the status of the project is, whether glass was ever delivered for it, and whether the investigations from the feds will result in charges.
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| DOJ, SEC Investigate Tesla Over Secret Glass House ProjectFederal prosecutors are seeking information about benefits paid to Elon Musk.
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Federal investigators probe whether Musk used Tesla funds to build glass houseFederal prosecutors are looking into claims that Elon Musk used company funds from Tesla secretly to try to build himself a glass house.
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Tesla reportedly faces investigation over its mysterious glass house projectAt least two government agencies are looking into Tesla's secret glass house project dubbed 'Project 42,' according to The Wall Street Journal..
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