- 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 part of a larger investigation into Autopilot.
- It’s not the first 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, according to a recent report from Bloomberg.
The news publication cited an individual with knowledge of the issue and said the probe is part of an investigation into Tesla’s claims about its driver-assist Autopilot software. The individual told Bloomberg the agency is looking into whether Musk may have made inappropriate statements about the future of the technology.
A spokesperson for the SEC declined to comment on the report. Musk and a spokesperson for Tesla did not respond to a request for comment ahead of publication.
Tesla first released its Autopilot driver assist feature in 2014. The software is built into all current Teslas and enables the car to steer, accelerate, and brake automatically within its lane.
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 promote its capabilities. FSD is a beta add-on that enables the vehicle to automatically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. The software still requires a licensed driver to monitor the system at all 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 will have fully autonomous cars on the road. Last year, the billionaire said the carmaker’s self-driving software is the difference between Tesla being worth a lot of money or almost nothing.
Earlier this month, Bloomberg reported that Musk personally oversaw the development of a 2016 video that promoted the self-driving software and allegedly faked some of the software’s capabilities.
It’s not the first 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 year, the SEC confirmed it was also investigating the billionaire after he was late to disclose a stake he had built up in Twitter. The agency also launched an investigation in 2022 into allegations Musk and his brother may have violated insider trading regulations. That year he accused the agency of a “harassment campaign” that unfairly singled him out, but the regulator denied the accusation.
Musk’s self-driving software has also come under increased scrutiny in recent years over its marketing of the services. The National Highway Traffic Safety Administration is investigating Autopilot and its potential connection to several accidents.
Source: www.autoblog.com