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Update: US Sen. Elizabeth Warren Calls on SEC to Probe Tesla's Board Independence
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Update: US Sen. Elizabeth Warren Calls on SEC to Probe Tesla's Board Independence
Mar 21, 2024 10:54 AM

01:39 PM EDT, 03/21/2024 (MT Newswires) -- (Updates with details throughout.)

US Sen. Elizabeth Warren has called on the US Securities and Exchange Commission to investigate whether electric vehicle maker Tesla (TSLA) breached regulations over board independence at public companies, according to a letter Thursday.

The Massachusetts Democrat previously raised similar concerns in a letter sent to the SEC last summer.

In her latest letter, Warren voiced concerns regarding potential conflicts of interest between the Tesla and the privately held companies Chief Executive Elon Musk runs, including social-media site X.

SEC Chair Gary Gensler will respond to Congress members directly, The Wall Street Journal reported Thursday, quoting commission spokesperson, who added the agency doesn't comment on the existence or nonexistence of a possible investigation.

"New evidence has emerged in recent months that deepen my concerns that Tesla's board lacks independence from Mr. Musk, who uses his control over the board for his personal benefits, rather than in the best interest of Tesla's shareholders," Warren wrote in the letter.

Tesla, Musk and the SEC did not immediately respond to requests for comment by MT Newswires.

Price: 173.43, Change: -2.24, Percent Change: -1.27

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