The Wall Street Journal is reporting that government regulators have opened an inquiry into Tesla CEO Elon Musk's Tuesday tweet disclosing a proposed $72 billion buyout of the electric car maker.
The Journal reported that the Securities and Exchange Commission is asking whether a Musk tweet on the subject was factual.
In that tweet, Musk announced that he had secured financing to buy Tesla's outstanding shares at $420 per share. The newspaper cited unidentified people familiar with the matter. The SEC declined to comment on the report Wednesday. Tesla didn't immediately respond to a request for comment.
The Journal reported regulators are also questioning whether the disclosure about the proposed buyout in a nine-word tweet fulfills Tesla's legal obligations as a publicly traded company.
The eccentric Musk announced the bombshell move Tuesday on Twitter, writing that he had secured funding to buy Tesla Inc.'s shares at $420 each.
Shares rose 11 percent Tuesday but fell slightly Wednesday to $377.96.
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