Elon Musk faces SEC investigation over Tesla’s ‘self-driving’ claims: report

As Bloomberg reported on Friday, the Securities and Exchange Commission is investigating Tesla CEO Elon Musk’s role in “shaping” the company’s claims about “self-driving” cars.

Sources told Bloomberg that the review was part of an investigation into Tesla’s statements about its Autopilot driver assistance system. The “truthfulness” of Musk’s messages on the issue is particularly important under SEC rules, Bloomberg noted.

SEC officials are considering whether Musk may have made “inappropriate forward-looking statements” about self-driving cars, a source told Bloomberg. It is unclear what action the SEC might take if it comes to this conclusion.

Although the Tesla website notes that drivers must first agree to “keep their hands on the steering wheel at all times” before “activating Autopilot,” a video on the Tesla Autopilot website shows a driver with their hands in the steering wheel lap drives through the city.

A message states that “the person behind the wheel is only there for legal reasons.” He does nothing. The car drives itself.”

Bloomberg reported last week that Musk played a major role in creating another 2016 video that “may have exaggerated the technology’s capabilities.”

The National Highway Traffic Safety Administration opened an investigation into Tesla’s Autopilot system in 2021 and investigated accidents involving the system. The investigation is not yet complete.